Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 03, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | L | ||
Entity Registrant Name | LOEWS CORP | ||
Entity Central Index Key | 60,086 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 338,998,280 | ||
Entity Public Float | $ 11,763,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Fixed maturities, amortized cost of $37,407 and $37,469 | $ 39,701 | $ 40,885 |
Equity securities, cost of $824 and $733 | 752 | 728 |
Limited partnership investments | 3,313 | 3,674 |
Other invested assets, primarily mortgage loans | 824 | 731 |
Short term investments | 4,810 | 6,014 |
Total investments | 49,400 | 52,032 |
Cash | 440 | 364 |
Receivables | 8,041 | 7,770 |
Property, plant and equipment | 15,477 | 15,611 |
Goodwill | 351 | 374 |
Other assets | 1,722 | 1,616 |
Deferred acquisition costs of insurance subsidiaries | 598 | 600 |
Total assets | 76,029 | 78,367 |
Liabilities and Equity: | ||
Claim and claim adjustment expense | 22,663 | 23,271 |
Future policy benefits | 10,152 | 9,490 |
Unearned premiums | 3,671 | 3,592 |
Policyholders' funds | 27 | |
Total insurance reserves | 36,486 | 36,380 |
Payable to brokers | 567 | 673 |
Short term debt | 1,040 | 335 |
Long term debt | 9,543 | 10,333 |
Deferred income taxes | 382 | 893 |
Other liabilities | 5,201 | 5,103 |
Total liabilities | $ 53,219 | $ 53,717 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares | ||
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued and outstanding - 339,897,547 and shares 372,934,540 | $ 3 | $ 4 |
Additional paid-in capital | 3,184 | 3,481 |
Retained earnings | 14,731 | 15,515 |
Accumulated other comprehensive income (loss) | (357) | 280 |
Total shareholders' equity | 17,561 | 19,280 |
Noncontrolling interests | 5,249 | 5,370 |
Total equity | 22,810 | 24,650 |
Total liabilities and equity | $ 76,029 | $ 78,367 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 37,407 | $ 37,469 |
Equity securities, cost | $ 824 | $ 733 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 339,897,547 | 372,934,540 |
Common stock, shares outstanding | 339,897,547 | 372,934,540 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Insurance premiums | $ 6,921 | $ 7,212 | $ 7,271 |
Net investment income | 1,866 | 2,163 | 2,425 |
Investment gains (losses): | |||
Other-than-temporary impairment losses | (156) | (77) | (74) |
Portion of other-than-temporary impairment losses recognized in Other comprehensive loss | (2) | ||
Net impairment losses recognized in earnings | (156) | (77) | (76) |
Other net investment gains | 85 | 131 | 92 |
Total investment gains (losses) | (71) | 54 | 16 |
Contract drilling revenues | 2,360 | 2,737 | 2,844 |
Other revenues | 2,339 | 2,159 | 2,057 |
Total | 13,415 | 14,325 | 14,613 |
Expenses: | |||
Insurance claims and policyholders' benefits | 5,384 | 5,591 | 5,806 |
Amortization of deferred acquisition costs | 1,540 | 1,317 | 1,362 |
Contract drilling expenses | 1,228 | 1,524 | 1,573 |
Other operating expenses | 4,499 | 3,585 | 3,170 |
Interest | 520 | 498 | 425 |
Total | 13,171 | 12,515 | 12,336 |
Income (loss) before income tax | 244 | 1,810 | 2,277 |
Income tax (expense) benefit | 43 | (457) | (656) |
Income from continuing operations | 287 | 1,353 | 1,621 |
Discontinued operations, net | (391) | (552) | |
Net income | 287 | 962 | 1,069 |
Amounts attributable to noncontrolling interests | (27) | (371) | (474) |
Net income | 260 | 591 | 595 |
Net income attributable to Loews Corporation: | |||
Income from continuing operations | 260 | 962 | 1,149 |
Discontinued operations, net | (371) | (554) | |
Net income | $ 260 | $ 591 | $ 595 |
Basic net income per common share: | |||
Income from continuing operations | $ 0.72 | $ 2.52 | $ 2.96 |
Discontinued operations, net | (0.97) | (1.43) | |
Net income | 0.72 | 1.55 | 1.53 |
Diluted net income per common share: | |||
Income from continuing operations | 0.72 | 2.52 | 2.95 |
Discontinued operations, net | (0.97) | (1.42) | |
Net income | 0.72 | 1.55 | 1.53 |
Dividends per share | $ 0.25 | $ 0.25 | $ 0.25 |
Basic weighted average number of shares outstanding | 362,430 | 381,920 | 388,640 |
Diluted weighted average number of shares outstanding | 362,690 | 382,550 | 389,510 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | |||
Net income | $ 287 | $ 962 | $ 1,069 |
Other comprehensive income (loss), after tax Changes in: | |||
Net unrealized gains (losses) on investments with other- than-temporary impairments | (9) | 15 | 6 |
Net other unrealized gains (losses) on investments | (557) | 267 | (679) |
Total unrealized gains (losses) on available-for-sale investments | (566) | 282 | (673) |
Discontinued operations | (19) | (23) | |
Unrealized gains (losses) on cash flow hedges | 5 | (3) | |
Pension liability | (18) | (235) | 329 |
Foreign currency translation | (139) | (94) | (11) |
Other comprehensive loss | (718) | (69) | (378) |
Comprehensive income (loss) | (431) | 893 | 691 |
Amounts attributable to noncontrolling interests | 53 | (361) | (437) |
Total comprehensive income (loss) attributable to Loews Corporation | $ (378) | $ 532 | $ 254 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2012 | $ 24,676 | $ 4 | $ 3,595 | $ 15,192 | $ 678 | $ (10) | $ 5,217 |
Net income | 1,069 | 595 | 474 | ||||
Other comprehensive income (loss) | (378) | (341) | (37) | ||||
Dividends paid | (597) | (97) | |||||
Dividends paid | (500) | ||||||
Issuance of equity securities by subsidiary | 337 | 51 | 2 | 284 | |||
Purchases of Loews treasury stock | (218) | (218) | |||||
Retirement of treasury stock | (48) | (180) | 228 | ||||
Issuance of Loews common stock | 5 | 5 | |||||
Stock-based compensation | 18 | 3 | 15 | ||||
Other | (6) | 1 | (2) | (5) | |||
Ending Balance at Dec. 31, 2013 | 24,906 | 4 | 3,607 | 15,508 | 339 | 5,448 | |
Net income | 962 | 591 | 371 | ||||
Other comprehensive income (loss) | (69) | (59) | (10) | ||||
Dividends paid | (433) | (95) | |||||
Dividends paid | (338) | ||||||
Purchases of subsidiary stock from noncontrolling interests | (144) | (9) | (135) | ||||
Purchases of Loews treasury stock | (622) | (622) | |||||
Retirement of treasury stock | (136) | (486) | 622 | ||||
Issuance of Loews common stock | 6 | 6 | |||||
Stock-based compensation | 26 | 13 | 13 | ||||
Other | 18 | (3) | 21 | ||||
Ending Balance at Dec. 31, 2014 | 24,650 | 4 | 3,481 | 15,515 | 280 | 5,370 | |
Net income | 287 | 260 | 27 | ||||
Other comprehensive income (loss) | (718) | (638) | (80) | ||||
Dividends paid | (255) | (90) | |||||
Dividends paid | (165) | ||||||
Issuance of equity securities by subsidiary | 115 | (2) | 1 | 116 | |||
Purchases of subsidiary stock from noncontrolling interests | (31) | 5 | (36) | ||||
Purchases of Loews treasury stock | (1,265) | (1,265) | |||||
Retirement of treasury stock | (1) | (311) | (953) | $ 1,265 | |||
Issuance of Loews common stock | 7 | 7 | |||||
Stock-based compensation | 26 | 23 | 3 | ||||
Other | (6) | (19) | (1) | 14 | |||
Ending Balance at Dec. 31, 2015 | $ 22,810 | $ 3 | $ 3,184 | $ 14,731 | $ (357) | $ 5,249 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net income | $ 287 | $ 962 | $ 1,069 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Loss on sale of subsidiaries | 451 | ||
Investment (gains) losses | 71 | (47) | (26) |
Equity method investees | 182 | 64 | (380) |
Amortization of investments | 17 | 3 | (24) |
Depreciation, depletion and amortization | 955 | 899 | 871 |
Impairment of goodwill | 20 | 636 | |
Asset impairments | 865 | 228 | 325 |
Provision for deferred income taxes | (225) | 11 | 6 |
Other non-cash items | 105 | 134 | 49 |
Changes in operating assets and liabilities, net: | |||
Receivables | 120 | 738 | 87 |
Deferred acquisition costs | 311 | 44 | 2 |
Insurance reserves | 241 | (363) | (68) |
Other assets | (43) | (128) | (20) |
Other liabilities | (33) | 123 | 470 |
Trading securities | 674 | (129) | (901) |
Net cash flow operating activities | 3,547 | 2,990 | 2,096 |
Investing Activities: | |||
Purchases of fixed maturities | (8,675) | (9,381) | (11,197) |
Proceeds from sales of fixed maturities | 4,390 | 4,914 | 6,869 |
Proceeds from maturities of fixed maturities | 4,095 | 3,983 | 3,271 |
Purchases of equity securities | (62) | (67) | (77) |
Proceeds from sales of equity securities | 57 | 31 | 103 |
Purchases of limited partnership investments | (188) | (271) | (323) |
Proceeds from sales of limited partnership investments | 174 | 167 | 204 |
Purchases of property, plant and equipment | (1,555) | (2,753) | (1,737) |
Acquisitions | (157) | (448) | (235) |
Dispositions | 33 | 1,031 | 182 |
Change in short term investments | 120 | 1,396 | (101) |
Other, net | (167) | (72) | (257) |
Net cash flow investing activities | (1,935) | (1,470) | (3,298) |
Financing Activities: | |||
Dividends paid | (90) | (95) | (97) |
Dividends paid to noncontrolling interests | (165) | (338) | (500) |
Purchases of subsidiary stock from noncontrolling interests | (29) | (149) | |
Purchases of Loews treasury stock | (1,265) | (622) | (228) |
Issuance of Loews common stock | 7 | 6 | 5 |
Proceeds from sale of subsidiary stock | 114 | 5 | 370 |
Principal payments on debt | (1,929) | (2,269) | (1,494) |
Issuance of debt | 1,828 | 2,004 | 3,255 |
Other, net | 4 | 16 | (40) |
Net cash flow financing activities | (1,525) | (1,442) | 1,271 |
Effect of foreign exchange rate on cash | (11) | (8) | (3) |
Net change in cash | 76 | 70 | 66 |
Cash, beginning of year | 364 | 294 | 228 |
Cash, end of year | $ 440 | $ 364 | $ 294 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of presentation Loews segments are CNA Financial, including Specialty, Commercial, International and Other Non-Core; Diamond Offshore; Boardwalk Pipeline; Loews Hotels; and Corporate and other. See Note 20 for additional information on segments. Principles of consolidation Accounting estimates Investments The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Income. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield. This represents a change from prior reporting periods as previously the amortization of premiums was to maturity. This change in estimate, effected by a change in accounting principle, will result in a better reflection of the yield on fixed maturity securities with call provisions. This change, which was adopted in the fourth quarter of 2015, decreased Net investment income and the amortized cost of fixed maturity securities by $39 million in the Consolidated Statements of Income for the year ended December 31, 2015 and the Consolidated Balance Sheet as of December 31, 2015. This adjustment decreased basic and diluted net income per share by $0.06 for the year ended December 31, 2015. To the extent that unrealized gains on fixed income securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related decrease in Deferred acquisition costs and/or increase in Insurance reserves are recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $159 million (after tax and noncontrolling interests) and increased $679 million (after tax and noncontrolling interests) for the years ended December 31, 2015 and 2014. As of December 31, 2015 and 2014, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by $996 million and $1.2 billion (after tax and noncontrolling interests). For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The amortized cost of high credit quality fixed rate securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the securities. Such adjustments are reflected in Net investment income on the Consolidated Statements of Income. Interest income on lower rated and variable rate securities is determined using the prospective yield method. The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the General Partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument. A security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and previously recorded other-than-temporary impairment (“OTTI”) losses, otherwise defined as an unrealized loss. When a security is impaired, the impairment is evaluated to determine whether it is temporary or other-than-temporary. Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss. CNA has established a committee responsible for the OTTI process referred to as the Impairment Committee. The Impairment Committee is responsible for evaluating all securities in an unrealized loss position on at least a quarterly basis. The Impairment Committee’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered by the Impairment Committee include: (i) the financial condition and near term and long term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit component, is recognized as OTTI in Other comprehensive income. In subsequent reporting periods, a change in intent to sell or further credit impairment on a security whose fair value has not deteriorated will cause the non-credit component originally recorded as OTTI in Other comprehensive income to be recognized as an OTTI loss in earnings. CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. CNA applies the same impairment model as described above for the majority of non-redeemable preferred stock securities on the basis that these securities possess characteristics similar to debt securities and that the issuers maintain their ability to pay dividends. For all other equity securities, in determining whether the security is other-than-temporarily impaired, the Impairment Committee considers a number of factors including, but not limited to: (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near term prospects of the issuer, (iii) the intent and ability of CNA to retain its investment for a period of time sufficient to allow for an anticipated recovery in value and (iv) general market conditions and industry or sector specific outlook. Joint venture investments The following tables present summarized financial information for these joint ventures: Year Ended December 31 2015 2014 (In millions) Total assets $ 1,577 $ 1,231 Total liabilities 1,231 1,025 Year Ended December 31 2015 2014 2013 Revenues $ 606 $ 491 $ 349 Net income 71 32 7 Hedging Securities lending activities Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2015 and 2014. Revenue recognition Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. That allowance is determined based on periodic evaluations of aged receivables, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Contract drilling revenue from dayrate drilling contracts is recognized as services are performed. In connection with such drilling contracts, Diamond Offshore may receive fees (either lump-sum or dayrate) for the mobilization of equipment. These fees are earned as services are performed over the initial term of the related drilling contracts. Absent a contract, mobilization costs are recognized currently. From time to time, Diamond Offshore may receive fees from its customers for capital improvements to their rigs. Diamond Offshore defers such fees received and recognizes these fees into revenue on a straight-line basis over the period of the related drilling contract. Diamond Offshore capitalizes the costs of such capital improvements and depreciates them over the estimated useful life of the improvement. Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related transported and stored volumes. The majority of Boardwalk Pipeline’s operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and, accordingly, certain revenues collected may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. Claim and claim adjustment expense reserves Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.2 billion and $1.4 billion as of December 31, 2015 and 2014. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 5.5% to 8.0% at December 31, 2015 and 2014. At December 31, 2015 and 2014, the discounted reserves for unfunded structured settlements were $560 million and $582 million, net of discount of $880 million and $924 million. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. Accident and health claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Workers’ compensation lifetime claim reserves and accident and health claim reserves are discounted at interest rates ranging from 3.5% to 6.8% at December 31, 2015 and 2014. At December 31, 2015 and 2014, such discounted reserves totaled $2.6 billion and $2.5 billion, net of discount of $653 million and $654 million. Future policy benefits reserves Guaranty fund and other insurance-related assessments Reinsurance Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, management’s experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 4% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables related to paid losses from insolvent insurers are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $3 million recorded as deposit assets at December 31, 2015 and 2014, and $8 million and $9 million recorded as deposit liabilities as of December 31, 2015 and 2014. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In the period in which an excess arises, a portion of the deferred gain is cumulatively recognized in earnings as if the revised estimate was available at the inception date of the loss portfolio transfer. Deferred acquisition costs Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. As noted under Future policy benefit reserves, all of the long term care deferred acquisition costs of $289 million were written off as of December 31, 2015 in recognition of a premium deficiency. Deferred acquisition costs related to long term care contracts are amortized over the premium-paying period of the related policies using assumptions consistent with those used for computing future policy benefit reserves for such contracts. Assumptions are made at the date of policy issuance or acquisition and are consistently applied during the lives of the contracts. Deviations from estimated experience are included in results of operations when they occur. For these contracts, the amortization period is typically the estimated life of the policy. CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs. Unamortized deferred acquisition costs relating to contracts that have been substantially changed by a modification in benefits, features, rights or coverages that were not anticipated in the original contract are not deferred and are included as a charge to operations in the period during which the contract modification occurred. Investments in life settlement contracts and related revenue recognition CNA accounts for its investments in life settlement contracts using the fair value method. Under the fair value method, each life settlement contract is carried at its fair value at the end of each reporting period. The change in fair value, life insurance proceeds received and periodic maintenance costs, such as premiums, necessary to keep the underlying policy in force, are recorded in Other revenues on the Consolidated Statements of Income. The fair value of CNA’s investments in life settlement contracts were $74 million and $82 million at December 31, 2015 and 2014, and are included in Other assets on the Consolidated Balance Sheets. The cash receipts and payments related to life settlement contracts are included in Cash flows from operating activities on the Consolidated Statements of Cash Flows. The following table details the values for life settlement contracts. The determination of fair value is discussed in Note 4. Number of Life Fair Value of Life Face Amount of (Dollar amounts in millions) Estimated maturity during: 2016 60 $ 11 $ 35 2017 60 10 31 2018 50 8 27 2019 40 6 24 2020 40 5 21 Thereafter 300 34 167 Total 550 $ 74 $ 305 CNA uses an actuarial model to estimate the aggregate face amount of life insurance that is expected to mature in each future year and the corresponding fair value. This model projects the likelihood of the insured’s death for each inforce policy based upon CNA’s estimated mortality rates, which may vary due to the relatively small size of the portfolio of life settlement contracts. The number of life settlement contracts presented in the table above is based upon the average face amount of inforce policies estimated to mature in each future year. The increase (decrease) in fair value recognized for the years ended December 31, 2015, 2014 and 2013 on contracts still held was $1 million, $8 million and $(2) million. The gains recognized during the years ended December 31, 2015, 2014 and 2013 on contracts that settled were $24 million, $25 million and $15 million. Goodwill Property, plant and equipment The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 Impairment of long-lived assets Income taxes The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 10 for additional information on the provision for income taxes. Pension and postretirement benefits Stock based compensation The Company recognized compensation expense that decreased net income by $14 million, $12 million and $11 million for the years ended December 31, 2015, 2014 and 2013. Several of the Company’s subsidiaries also maintain their own stock option plans. The amounts reported above include the Company’s share of expense related to its subsidiaries’ plans. Net income per share For each of the years ended December 31, 2015, 2014 and 2013, approximately 0.3 million, 0.6 million and 0.9 million potential shares attributable to exercises under the Loews Corporation Stock Option Plan were included in the calculation of diluted net income per share. For those same periods, approximately 4.8 million, 2.3 million and 1.5 million Stock Appreciation Rights (“SARs”) were not included in the calculation of diluted net income per share due to the exercise price being greater than the average stock price. Foreign currency Regulatory accounting Supplementary cash flow information Updated accounting guidance not yet adopted – In May of 2015, the FASB issued ASU 2015-09, “Financial Services – In January of 2016, the FASB issued ASU 2016-01, “Financial Instruments – |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Note 2. Acquisitions and Divestitures CNA Financial On August 1, 2014, CNA completed the sale of CAC, its former life insurance subsidiary, which is reported as discontinued operations in the Consolidated Statements of Income for years ended December 31, 2014 and 2013. See Note 19 for further discussion of discontinued operations. In connection with the sale of CAC, CNA entered into a 100% coinsurance agreement on a separate small block of annuity business outside of CAC. The coinsurance agreement required the transfer of assets with a book value equal to the ceded reserves on the inception date of the contract. Because a substantial portion of the assets supporting these liabilities are held in trust for the benefit of the original cedant, those assets were transferred on a funds withheld basis. Under this approach CNA maintains legal ownership of the assets, but the investment income and realized gains and losses on those assets inure to the reinsurer. As a result, the $31 million (after tax and noncontrolling interests) difference between market value and book value of the funds withheld assets at the coinsurance contract’s inception was recognized in Other operating expenses in 2014. HighMount On September 30, 2014, the Company sold HighMount Exploration & Production LLC (“HighMount”), its former natural gas and oil exploration and production subsidiary. As of December 31, 2014, the Company had no remaining natural gas and oil properties. The results of this sold business are reported as discontinued operations in the Consolidated Statements of Income for years ended December 31, 2014 and 2013. See Note 19 for further discussion of discontinued operations. Boardwalk Pipeline In October of 2014, Boardwalk Pipeline acquired Boardwalk Petrochemical, formerly known as Chevron Petrochemical Pipeline, LLC, which owns the Evangeline ethylene pipeline system for $295 million in cash, subject to customary adjustments. This acquisition was made as part of Boardwalk Pipeline’s long term growth and diversification strategy and to complement existing natural gas liquids (“NGLs”) and ethylene midstream assets. The purchase price was funded through borrowings under Boardwalk Pipeline’s revolving credit facility. Boardwalk Pipeline recorded $20 million of identifiable finite-lived intangible assets and $22 million of goodwill. In 2013, Boardwalk Pipeline executed a series of agreements with the Williams Companies, Inc. (“Williams”) to develop the Bluegrass Project. In 2014, the Company expensed the previously capitalized project costs related to the development process due to cost escalations, construction delays and the lack of customer commitments, resulting in a charge of $94 million ($55 million after tax and noncontrolling interests), inclusive of a $10 million charge recorded by Boardwalk Pipeline Partners, LP. This charge was recorded within Other operating expenses on the Consolidated Statements of Income. In the fourth quarter of 2014, Boardwalk Pipeline and Williams dissolved the Bluegrass project entities. Loews Hotels In 2015, Loews Hotels paid a total of approximately $330 million to acquire two hotels and in 2014, acquired three hotels for a total cost of approximately $230 million. These acquisitions were funded with a combination of cash and property-level debt. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Investments | Note 3. Investments Net investment income is as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities $ 1,751 $ 1,803 $ 1,827 Limited partnership investments 119 304 519 Short term investments 11 4 5 Equity securities 12 12 12 Income from trading portfolio (a) 2 64 90 Other 34 34 25 Total investment income 1,929 2,221 2,478 Investment expenses (63 ) (58) (53 ) Net investment income $ 1,866 $ 2,163 $ 2,425 (a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(46), $42 and $(2) for the years ended December 31, 2015, 2014 and 2013. As of December 31, 2015, the Company held $54 million of non-income producing fixed maturity securities. As of December 31, 2014, the Company held no non-income producing fixed maturity securities. As of December 31, 2015 and 2014, no investments in a single issuer exceeded 10% of shareholders’ equity other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises. Investment gains (losses) are as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities $ (66) $ 41 $ 41 Equity securities (23) 1 (22 ) Derivative instruments 10 (1 ) (9 ) Short term investments and other 8 13 6 Investment gains (losses) (a) $ (71) $ 54 $ 16 (a) Includes gross realized gains of $133, $178 and $198 and gross realized losses of $222, $136 and $179 on available-for-sale securities for the years ended December 31, 2015, 2014 and 2013. Net change in unrealized gains (losses) on available-for-sale investments is as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities $ (1,114) $ 1,511 $ (2,541 ) Equity securities (6) 6 (15 ) Other 1 Total net change in unrealized gains (losses) on available-for-sale investments $ (1,119) $ 1,517 $ (2,556 ) The components of OTTI losses recognized in earnings by asset type are as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 104 $ 18 $ 20 States, municipalities and political subdivisions 18 46 Asset-backed: Residential mortgage-backed 8 5 19 Other asset-backed 1 1 2 Total asset-backed 9 6 21 Total fixed maturities available-for-sale 131 70 41 Equity securities available-for-sale: Common stock 25 7 8 Preferred stock 26 Total equity securities available-for-sale 25 7 34 Short term investments 1 Net OTTI losses recognized in earnings $ 156 $ 77 $ 76 The amortized cost and fair values of securities are as follows: December 31, 2015 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,097 $ 1,019 $ 347 $ 17,769 States, municipalities and political subdivisions 11,729 1,453 8 13,174 $ (4 ) Asset-backed: Residential mortgage-backed 4,935 154 17 5,072 (37 ) Commercial mortgage-backed 2,154 55 12 2,197 Other asset-backed 923 6 8 921 Total asset-backed 8,012 215 37 8,190 (37 ) U.S. Treasury and obligations of government- sponsored enterprises 62 5 67 Foreign government 334 13 1 346 Redeemable preferred stock 33 2 35 Fixed maturities available-for-sale 37,267 2,707 393 39,581 (41 ) Fixed maturities, trading 140 20 120 Total fixed maturities 37,407 2,707 413 39,701 (41 ) Equity securities: Common stock 46 3 1 48 Preferred stock 145 7 3 149 Equity securities available-for-sale 191 10 4 197 - Equity securities, trading 633 56 134 555 Total equity securities 824 66 138 752 - Total $ 38,231 $ 2,773 $ 551 $ 40,453 $ (41 ) December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 17,226 $ 1,721 $ 61 $ 18,886 States, municipalities and political subdivisions 11,285 1,463 8 12,740 Asset-backed: Residential mortgage-backed 5,028 218 13 5,233 $ (53 ) Commercial mortgage-backed 2,056 93 5 2,144 (2 ) Other asset-backed 1,234 11 10 1,235 Total asset-backed 8,318 322 28 8,612 (55 ) U.S. Treasury and obligations of government-sponsored enterprises 26 5 31 Foreign government 438 16 454 Redeemable preferred stock 39 3 42 Fixed maturities available-for-sale 37,332 3,530 97 40,765 (55 ) Fixed maturities, trading 137 17 120 Total fixed maturities 37,469 3,530 114 40,885 (55 ) Equity securities: Common stock 38 9 47 Preferred stock 172 5 2 175 Equity securities available-for-sale 210 14 2 222 - Equity securities, trading 523 96 113 506 Total equity securities 733 110 115 728 - Total $ 38,202 $ 3,640 $ 229 $ 41,613 $ (55 ) The available-for-sale securities in a gross unrealized loss position are as follows: Less than 12 Months 12 Months or Longer Total December 31, 2015 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 4,882 $ 302 $ 174 $ 45 $ 5,056 $ 347 States, municipalities and political subdivisions 338 8 75 413 8 Asset-backed: Residential mortgage-backed 963 9 164 8 1,127 17 Commercial mortgage-backed 652 10 96 2 748 12 Other asset-backed 552 8 5 557 8 Total asset-backed 2,167 27 265 10 2,432 37 U.S. Treasury and obligations of government- sponsored enterprises 4 4 Foreign government 54 1 54 1 Redeemable preferred stock 3 3 Total fixed maturity securities 7,448 338 514 55 7,962 393 Common stock 3 1 3 1 Preferred stock 13 3 13 3 Total $ 7,464 $ 342 $ 514 $ 55 $ 7,978 $ 397 December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 1,330 $ 46 $ 277 $ 15 $ 1,607 $ 61 States, municipalities and political subdivisions 335 5 127 3 462 8 Asset-backed: Residential mortgage-backed 293 5 189 8 482 13 Commercial mortgage-backed 264 2 99 3 363 5 Other asset-backed 607 10 7 614 10 Total asset-backed 1,164 17 295 11 1,459 28 U.S. Treasury and obligations of government- sponsored enterprises 3 4 7 Foreign government 3 3 6 Redeemable preferred stock 3 3 Total fixed maturity securities 2,838 68 706 29 3,544 97 Preferred stock 17 2 1 18 2 Total $ 2,855 $ 70 $ 707 $ 29 $ 3,562 $ 99 Based on current facts and circumstances, the Company believes the unrealized losses presented in the table above are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are attributable to changes in interest rates, credit spreads and other factors, including volatility in the energy and metals and mining sectors due to declines in the price of oil and other commodities. As of December 31, 2015, the Company held fixed maturity securities and equity securities with an estimated fair value of $2.5 billion and a cost or amortized cost of $2.7 billion in the energy and metals and mining sectors. The portion of these securities in a gross unrealized loss position had an estimated fair value of $1.4 billion and a cost or amortized cost of $1.6 billion. The Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded at December 31, 2015. The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at December 31, 2015, 2014 and 2013 for which a portion of an OTTI loss was recognized in Other comprehensive income. Year Ended December 31 2015 2014 2013 (In millions) Beginning balance of credit losses on fixed maturity securities $ 62 $ 74 $ 95 Additional credit losses for securities for which an OTTI loss was previously recognized 2 Reductions for securities sold during the period (9 ) (9 ) (23 ) Reductions for securities the Company intends to sell or more likely than not will be required to sell (3 ) Ending balance of credit losses on fixed maturity securities $ 53 $ 62 $ 74 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. December 31 2015 2014 Cost or Cost or Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (In millions) Due in one year or less $ 1,574 $ 1,595 $ 2,479 $ 2,511 Due after one year through five years 7,738 8,082 9,070 9,621 Due after five years through ten years 14,652 14,915 12,055 12,584 Due after ten years 13,303 14,989 13,728 16,049 Total $ 37,267 $ 39,581 $ 37,332 $ 40,765 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Limited Partnerships The carrying value of limited partnerships as of December 31, 2015 and 2014 was approximately $3.3 billion and $3.7 billion which includes undistributed earnings of $952 million and $1.3 billion. Limited partnerships comprising 70.8% of the total carrying value are reported on a current basis through December 31, 2015 with no reporting lag, 12.8% are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio. Limited partnerships comprising 76.6% and 78.6% of the carrying value at December 31, 2015 and 2014 employ hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets. Limited partnerships comprising 23.4% and 18.6% of the carrying value at December 31, 2015 and 2014 were invested in private debt and equity, and the remaining limited partnerships were primarily invested in real estate strategies. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. These hedge fund strategies may seek to generate gains from mispriced or undervalued securities, price differentials between securities, distressed investments, sector rotation or various arbitrage disciplines. Within hedge fund strategies, approximately 56.4% were equity related, 28.9% pursued a multi-strategy approach, 11.4% were focused on distressed investments and 3.3% were fixed income related at December 31, 2015. The ten largest limited partnership positions held totaled $1.5 billion and $1.8 billion as of December 31, 2015 and 2014. Based on the most recent information available regarding the Company’s percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 2.8% and 3.9% of the aggregate partnership equity at December 31, 2015 and 2014, and the related income reflected on the Consolidated Statements of Income represents approximately 2.8%, 4.3% and 3.7% of the changes in total partnership equity for the years ended December 31, 2015, 2014 and 2013. While the Company generally does not invest in highly leveraged partnerships, there are risks which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies. The Company’s limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year and in some cases do not permit withdrawals until the termination of the partnership. Typically, withdrawals require advance written notice of up to 90 days. Derivative Financial Instruments The Company uses derivatives in the normal course of business, primarily in an attempt to reduce its exposure to market risk (principally interest rate risk, credit risk, equity price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities. The Company’s principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. The Company enters into interest rate swaps, futures and forward commitments to purchase securities to manage interest rate risk. Credit derivatives such as credit default swaps are entered into to modify the credit risk inherent in certain investments. Forward contracts, futures, swaps and options are used primarily to manage foreign currency and commodity price risk. In addition to the derivatives used for risk management purposes described above, the Company may also use derivatives for purposes of income enhancement. Income enhancement transactions include but are not limited to interest rate swaps, call options, put options, credit default swaps, index futures and foreign currency forwards. See Note 4 for information regarding the fair value of derivative instruments. The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2015 2014 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Foreign exchange: Currency forwards – short $ 70 $ (5 ) Without hedge designation: Equity markets: Options – purchased $ 501 $ 16 544 $ 24 – written 614 $ (28 ) 292 (21 ) Futures – long 312 (1 ) Futures – short 130 2 Interest rate risk: Futures – long 63 Foreign exchange: Currency forwards – long 133 2 109 (3 ) – short 152 88 2 Currency options – long 550 7 151 7 Embedded derivative on funds withheld liability 179 5 184 (3 ) Investment Commitments As of December 31, 2015, the Company had committed approximately $398 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. As of December 31, 2015, the Company had commitments to purchase or fund additional amounts of $138 million and sell $67 million under the terms of such securities. Investments on Deposit Securities with carrying values of approximately $2.8 billion and $3.0 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2015 and 2014. Cash and securities with carrying values of approximately $364 million and $361 million were deposited with financial institutions as collateral for letters of credit as of December 31, 2015 and 2014. In addition, cash and securities were deposited in trusts with financial institutions to secure reinsurance and other obligations with various third parties. The carrying values of these deposits were approximately $263 million and $302 million as of December 31, 2015 and 2014. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4. Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures include: (i) the review of pricing service or broker pricing methodologies, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and (v) pricing validation, where prices received are compared to prices independently estimated by the Company. The fair values of CNA’s life settlement contracts are included in Other assets on the Consolidated Balance Sheets. Equity options purchased are included in Equity securities, and all other derivative assets are included in Receivables. Derivative liabilities are included in Payable to brokers. Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below: December 31, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 17,601 $ 168 $ 17,769 States, municipalities and political subdivisions 13,172 2 13,174 Asset-backed: Residential mortgage-backed 4,938 134 5,072 Commercial mortgage-backed 2,175 22 2,197 Other asset-backed 868 53 921 Total asset-backed 7,981 209 8,190 U.S. Treasury and obligations of government-sponsored enterprises $ 66 1 67 Foreign government 346 346 Redeemable preferred stock 35 35 Fixed maturities available-for-sale 101 39,101 379 39,581 Fixed maturities trading 35 85 120 Total fixed maturities $ 101 $ 39,136 $ 464 $ 39,701 Equity securities available-for-sale $ 177 $ 20 $ 197 Equity securities trading 554 1 555 Total equity securities $ 731 $ - $ 21 $ 752 Short term investments $ 3,600 $ 1,134 $ 4,734 Other invested assets 102 44 146 Receivables 9 $ 3 12 Life settlement contracts 74 74 Payable to brokers (196 ) (196) December 31, 2014 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 32 $ 18,692 $ 162 $ 18,886 States, municipalities and political subdivisions 12,646 94 12,740 Asset-backed: Residential mortgage-backed 5,044 189 5,233 Commercial mortgage-backed 2,061 83 2,144 Other asset-backed 580 655 1,235 Total asset-backed 7,685 927 8,612 U.S. Treasury and obligations of government-sponsored enterprises 28 3 31 Foreign government 41 413 454 Redeemable preferred stock 30 12 42 Fixed maturities available-for-sale 131 39,451 1,183 40,765 Fixed maturities trading 30 90 120 Total fixed maturities $ 131 $ 39,481 $ 1,273 $ 40,885 Equity securities available-for-sale $ 145 $ 61 $ 16 $ 222 Equity securities trading 505 1 506 Total equity securities $ 650 $ 61 $ 17 $ 728 Short term investments $ 4,989 $ 963 $ 5,952 Other invested assets 102 41 143 Receivables 2 7 9 Life settlement contracts $ 82 82 Payable to brokers (546 ) (6 ) (552 ) The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014: Unrealized Gains (Losses) Recognized in Net Realized Gains Net Income (Losses) and Net Change on Level in Unrealized Gains 3 Assets and (Losses) Transfers Transfers Liabilities Balance, Included in Included in into out of Balance, Held at 2015 January 1 Net Income OCI Purchases Sales Settlements Level 3 Level 3 December 31 December 31 (In millions) Fixed maturity securities: Corporate and other bonds $ 162 $ (2) $ (3) $ 65 $ (13) $ (35) $ 40 $ (46) $ 168 $ (2) States, municipalities and political subdivisions 94 1 (10) (83) 2 Asset-backed: Residential mortgage-backed 189 5 (3) 81 (35) 14 (117) 134 Commercial mortgage-backed 83 7 (4) 23 (17) 17 (87) 22 Other asset-backed 655 3 3 130 (263) (52) 7 (430) 53 Total asset-backed 927 15 (4) 234 (263) (104) 38 (634) 209 - Fixed maturities available-for-sale 1,183 14 (7) 299 (276) (149) 78 (763) 379 (2) Fixed maturities trading 90 (3) (2) 85 (3) Total fixed maturities $ 1,273 $ 11 $ (7) $ 299 $ (278) $ (149) $ 78 $ (763) $ 464 $ (5) Equity securities available-for-sale $ 16 $ (1) $ 4 $ 1 $ 20 Equity securities trading 1 $ 1 1 $ (2) 1 $ 1 Total equity securities $ 17 $ 1 $ (1) $ 5 $ (2) $ - $ 1 $ - $ 21 $ 1 Life settlement contracts $ 82 $ 25 $ (33) $ 74 $ 1 Derivative financial instruments, net $ 3 3 Unrealized Gains (Losses) Recognized in Net Realized Gains Net Income (Losses) and Net Change on Level in Unrealized Gains 3 Assets and (Losses) Transfers Transfers Liabilities Balance, Included in Included in into out of Balance, Held at 2014 January 1 Net Income OCI Purchases Sales Settlements Level 3 Level 3 December 31 December 31 (In millions) Fixed maturity securities: Corporate and other bonds $ 204 $ 2 $ (1 ) $ 33 $ (23 ) $ (16 ) $ 18 $ (55 ) $ 162 States, municipalities and political subdivisions 71 1 4 14 (10 ) 14 94 Asset-backed: Residential mortgage-backed 331 (21 ) 61 94 (174 ) (72 ) 32 (62 ) 189 Commercial mortgage-backed 151 7 (6 ) 28 (60 ) (29 ) 43 (51 ) 83 Other asset-backed 446 2 (6 ) 488 (111 ) (117 ) (47 ) 655 $ (1) Total asset-backed 928 (12 ) 49 610 (345 ) (218 ) 75 (160 ) 927 (1) Fixed maturities available-for-sale 1,203 (9 ) 52 657 (378 ) (234 ) 107 (215 ) 1,183 (1) Fixed maturities trading 80 11 (1 ) 90 11 Total fixed maturities $ 1,283 $ 2 $ 52 $ 657 $ (379 ) $ (234 ) $ 107 $ (215 ) $ 1,273 $ 10 Equity securities available-for-sale $ 11 $ 3 $ (6 ) $ 16 $ (8 ) $ 16 Equity securities trading 8 (1 ) (6 ) 1 $ 1 Total equity securities $ 19 $ 2 $ (6 ) $ 16 $ (14 ) $ - $ - $ - $ 17 $ 1 Life settlement contracts $ 88 $ 33 $ (39 ) $ 82 $ 8 Separate account business 1 $ (1 ) - Derivative financial instruments, net (3 ) 1 $ 2 - 2 Net realized and unrealized gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Statements of Income Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities, trading Net investment income Equity securities available-for-sale Investment gains (losses) Equity securities, trading Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Other revenues Life settlement contracts Other revenues Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume. There were $63 million of transfers from Level 2 to Level 1 and $52 million of transfers from Level 1 to Level 2 during the year ended December 31, 2015. There were $24 million of transfers from Level 2 to Level 1 and $1 million of transfers from Level 1 to Level 2 during the year ended December 31, 2014. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. Valuation Methodologies and Inputs The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. Fixed Maturity Securities Level 1 securities include highly liquid and exchange traded bonds and redeemable preferred stock, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with inputs that are not market observable. Equity Securities Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily non-redeemable preferred stocks and common stocks valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with inputs that are not market observable. Derivative Financial Instruments Exchange traded derivatives are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Level 2 derivatives primarily include currency forwards valued using observable market forward rates. Over-the-counter derivatives, principally interest rate swaps, total return swaps, commodity swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace. Short Term Investments Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. Other Invested Assets Level 1 securities include exchange traded open-end funds valued using quoted market prices. Level 2 securities include overseas deposits which can be redeemed at net asset value in 90 days or less. Life Settlement Contracts The fair values of life settlement contracts are determined as the present value of the anticipated death benefits less anticipated premium payments based on contract terms that are distinct for each insured, as well as CNA’s own assumptions for mortality, premium expense, and the rate of return that a buyer would require on the contracts, as no comparable market pricing data is available. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. Range Estimated Valuation Unobservable (Weighted December 31, 2015 Fair Value Techniques Inputs Average) (In millions) Fixed maturity securities $ 138 Discounted cash flow Credit spread 3% – 184% (6%) Life settlement contracts 74 Discounted cash flow Discount rate risk premium 9% Mortality assumption 55% – 1,676% (164%) December 31, 2014 Fixed maturity securities $ 101 Discounted cash flow Credit spread 2% – 13% (3%) Equity securities 16 Market approach Private offering price $12 – $4,391 per share ($600 per share) Life settlement contracts 82 Discounted cash flow Discount rate risk premium 9% Mortality assumption 55% – 1,676% (163%) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. For equity securities, an increase in the private offering price would result in a higher fair value measurement. For life settlement contracts, an increase in the discount rate risk premium or decrease in the mortality assumption would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude capital lease obligations. The carrying amounts reported on the Consolidated Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Estimated Fair Value December 31, 2015 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 678 $ 688 $ 688 Liabilities: Short term debt 1,038 $ 1,050 2 1,052 Long term debt 9,530 8,538 595 9,133 December 31, 2014 Assets: Other invested assets, primarily mortgage loans $ 588 $ 608 $ 608 Liabilities: Short term debt 334 $ 255 84 339 Long term debt 10,320 10,299 420 10,719 The following methods and assumptions were used in estimating the fair value of these financial assets and liabilities. The fair values of mortgage loans, included in Other invested assets, were based on the present value of the expected future cash flows discounted at the current interest rate for similar financial instruments, adjusted for specific loan risk. Fair value of debt was based on observable market prices when available. When observable market prices were not available, the fair value of debt was based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | Note 5. Receivables December 31 2015 2014 (In millions) Reinsurance (Note 15) $ 4,491 $ 4,742 Insurance 2,129 1,997 Receivable from brokers 471 84 Accrued investment income 408 412 Federal income taxes 45 27 Other, primarily customer accounts 593 625 Total 8,137 7,887 Less: allowance for doubtful accounts on reinsurance receivables 38 48 allowance for other doubtful accounts 58 69 Receivables $ 8,041 $ 7,770 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6. Property, Plant and Equipment December 31 2015 2014 (In millions) Pipeline equipment (net of accumulated DD&A of $1,887 and $1,620) $ 7,462 $ 7,491 Offshore drilling equipment (net of accumulated DD&A of $3,335 and $4,159) 6,071 6,459 Other (net of accumulated DD&A of $811 and $730) 1,450 1,083 Construction in process 494 578 Property, plant and equipment, net $ 15,477 $ 15,611 DD&A expense and capital expenditures are as follows: Year Ended December 31 2015 2014 2013 DD&A Capital DD&A Capital DD&A Capital (In millions) CNA Financial $ 74 $ 123 $ 69 $ 72 $ 72 $ 90 Diamond Offshore 494 812 457 2,050 389 987 Boardwalk Pipeline 327 390 292 378 275 305 Loews Hotels 54 389 37 289 32 369 Corporate and other 6 4 6 24 6 4 Total $ 955 $ 1,718 $ 861 $ 2,813 $ 774 $ 1,755 Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $36 million, $80 million and $92 million for the years ended December 31, 2015, 2014 and 2013. Offshore Drilling Equipment Purchase of Assets In 2015, Diamond Offshore took delivery of one ultra-deepwater drillship. The net book value of this newly constructed rig was $655 million at December 31, 2015, of which $225 million was reported in Construction in process at December 31, 2014. At December 31, 2015, Construction in Process included $270 million related to one rig still under construction. In 2014, Diamond Offshore took delivery of three ultra-deepwater drillships and two deepwater floaters. The aggregate net book value of these newly constructed rigs was $2.7 billion at December 31, 2014, of which $1.3 billion was reported in Construction in process at December 31, 2013. At December 31, 2014, Construction in process included $439 million related to two rigs still under construction. Sale of Assets At December 31, 2015, $14 million net book value of five jack-up rigs held for sale was included in Other assets on the Consolidated Balance Sheets. One of these jack-up rigs held for sale was sold in February 2016 for $8 million. In addition, during 2015, nine rigs with an aggregate net book value of $5 million were sold at a nominal gain. In 2014, Diamond Offshore sold a jack-up rig for $17 million, resulting in a gain of $9 million ($3 million after tax and noncontrolling interests). Asset Impairments During 2015, in response to a continued deterioration of the market fundamentals in the oil and gas industry, including the dramatic decline in oil prices, significant cutbacks in customer capital spending plans and contract cancellations by customers, as well as pending regulatory requirements in the U.S. Gulf of Mexico, Diamond Offshore evaluated 25 of its drilling rigs for impairment. Based on this evaluation, Diamond Offshore determined that 17 of these rigs, consisting of two ultra-deepwater, one deepwater and nine mid-water floaters and five jack-up rigs, were impaired. Diamond Offshore utilizes an undiscounted projected probability-weighted cash flow analysis in testing an asset for potential impairment. A matrix of assumptions is developed for each rig under evaluation using multiple utilization/dayrate scenarios, to each of which Diamond Offshore assigns a probability of occurrence. Diamond Offshore arrives at a projected probability-weighted cash flow for each rig based on the respective matrix and compares such amount to the carrying value of the asset to assess recoverability. The underlying assumptions and assigned probabilities of occurrence for utilization and dayrate scenarios are developed using a methodology that examines historical data for each rig, which considers the rig’s age, rated water depth and other attributes and then assesses its future marketability in light of the current and projected market environment at the time of assessment. Other assumptions, such as operating, maintenance and inspection costs, are estimated using historical data adjusted for known developments and future events that are anticipated by management at the time of the assessment. Diamond Offshore estimated the fair value of 16 of the impaired rigs utilizing a market approach, which required it to estimate the value that would be received for each rig in the principal or most advantageous market for that rig in an orderly transaction between market participants. Such estimates were based on various inputs, including historical contracted sales prices for similar rigs in the fleet, nonbinding quotes from rig brokers and/or indicative bids, where applicable. The fair value of the one remaining rig impaired in 2015 is estimated using an income approach, as Diamond Offshore has determined that the most likely use for this rig would be to cold stack the rig and reintroduce it into the market at a later date. The fair value of this rig was determined by discounting its future cash flows and includes assumptions which utilize significant unobservable inputs, including those related to estimated dayrate revenue, rig utilization, estimated equipment upgrade and regulatory survey costs, as well as estimated proceeds that may be received on ultimate disposition of the rig. The fair value estimates are representative of Level 3 fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used. Diamond Offshore recognized aggregate impairment losses of $861 million ($341 million after tax and noncontrolling interests) for the year ended December 31, 2015. Of the rigs impaired in 2015, five mid-water rigs were sold during 2015 and five jack-up rigs are included in Other assets on the Consolidated Balance Sheets at December 31, 2015. Six rigs impaired in 2015 were cold stacked at the end of 2015, and the remaining impaired rig is expected to be sold for scrap after completion of its contract in 2016. The $175 million aggregate carrying value of these impaired rigs is reported in Property, plant and equipment on the Consolidated Balance Sheets at December 31, 2015. In the third quarter of 2014, Diamond Offshore determined it would retire and scrap six rigs, including a rig upon completion of its contract term in 2015. Diamond Offshore performed an impairment analysis to determine whether the carrying amount of these assets was recoverable. Based on this analysis, an impairment loss was recognized aggregating $109 million ($55 million after tax and noncontrolling interests) for the year ended December 31, 2014. The fair value was determined through discussions and a quote from a rig broker, and for the rig under contract using an internally developed income approach, which are Level 3 inputs of the fair value hierarchy. In the fourth quarter of 2014, two of the rigs were scrapped and at December 31, 2014, the carrying value of the remaining rigs amounted to $9 million. The remaining rigs impaired in 2014 were sold in 2015. The impairment losses recorded during the years ended December 31, 2015 and 2014 are reported within Other operating expenses on the Consolidated Statements of Income. No impairment loss was recorded during the year ended December 31, 2013. Diamond Offshore’s assumptions are necessarily subjective and are an inherent part of the asset impairment evaluation. If market fundamentals in the oil and gas industry deteriorate further or if Diamond Offshore is unable to secure new or extend existing contracts for its current, actively-marketed drilling fleet or reactivate any of its cold stacked rigs or if Diamond Offshore experiences unfavorable changes to actual dayrates and rig utilization, additional impairment losses may be required to be recognized in future periods. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 7. Goodwill Total CNA Diamond Boardwalk Loews (In millions) Balance, December 31, 2013 $ 357 $ 119 $ 20 $ 215 $ 3 Additions 22 22 Dispositions (3 ) (3 ) Other adjustments (2 ) (2 ) Balance, December 31, 2014 374 117 20 237 - Impairments (20 ) (20 ) Other adjustments (3 ) (3 ) Balance, December 31, 2015 $ 351 $ 114 $ - $ 237 $ - As a result of the continued deterioration of the market fundamentals in the oil and gas industry, the Company assessed the carrying value of goodwill related to its investment in Diamond Offshore. An impairment charge of $20 million was recorded in Other operating expenses in the third quarter of 2015 to write-off all goodwill attributable to Diamond Offshore. |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 12 Months Ended |
Dec. 31, 2015 | |
Insurance [Abstract] | |
Claim and Claim Adjustment Expense Reserves | Note 8. Claim and Claim Adjustment Expense Reserves CNA’s property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including claims that are incurred but not reported (“IBNR”) as of the reporting date. CNA’s reserve projections are based primarily on detailed analysis of the facts in each case, CNA’s experience with similar cases and various historical development patterns. Consideration is given to such historical patterns as field reserving trends and claims settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions, economic conditions including inflation and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can all affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that CNA’s ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity. CNA reported catastrophe losses, net of reinsurance, of $141 million, $156 million and $169 million for the years ended December 31, 2015, 2014 and 2013. Catastrophe losses in 2015 related primarily to U.S. weather-related events. The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the Life & Group Non-Core segment. Year Ended December 31 2015 2014 2013 (In millions) Reserves, beginning of year: Gross $ 23,271 $ 24,089 $ 24,763 Ceded 4,344 4,972 5,126 Net reserves, beginning of year 18,927 19,117 19,637 Change in net reserves due to acquisition (disposition) of subsidiaries (13 ) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,934 5,043 5,114 Decrease in provision for insured events of prior years (255 ) (36 ) (115 ) Amortization of discount 166 161 154 Total net incurred (a) 4,845 5,168 5,153 Net payments attributable to: Current year events (856 ) (945 ) (981 ) Prior year events (4,089 ) (4,355 ) (4,588 ) Total net payments (4,945 ) (5,300 ) (5,569 ) Foreign currency translation adjustment and other (251 ) (45 ) (104 ) Net reserves, end of year 18,576 18,927 19,117 Ceded reserves, end of year 4,087 4,344 4,972 Gross reserves, end of year $ 22,663 $ 23,271 $ 24,089 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables and benefit expenses related to future policy benefits and policyholders’ funds, which are not reflected in the table above. The following tables present the gross and net carried reserves: December 31, 2015 Specialty Commercial International Other Non-Core Total (In millions) Gross Case Reserves $ 2,011 $ 4,975 $ 622 $ 4,494 $ 12,102 Gross IBNR Reserves 4,258 4,208 725 1,370 10,561 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 6,269 $ 9,183 $ 1,347 $ 5,864 $ 22,663 Net Case Reserves $ 1,810 $ 4,651 $ 531 $ 2,844 $ 9,836 Net IBNR Reserves 3,758 3,925 688 369 8,740 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,568 $ 8,576 $ 1,219 $ 3,213 $ 18,576 December 31, 2014 Gross Case Reserves $ 2,136 $ 5,298 $ 752 $ 4,070 $ 12,256 Gross IBNR Reserves 4,093 4,216 689 2,017 11,015 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 6,229 $ 9,514 $ 1,441 $ 6,087 $ 23,271 Net Case Reserves $ 1,929 $ 4,947 $ 598 $ 2,716 $ 10,190 Net IBNR Reserves 3,726 3,906 663 442 8,737 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,655 $ 8,853 $ 1,261 $ 3,158 $ 18,927 Net Prior Year Development Changes in estimates of claim and allocated claim adjustment expense reserves and premium accruals, net of reinsurance, for prior years are defined as net prior year development. These changes can be favorable or unfavorable. The following tables and discussion present the net prior year development recorded for Specialty, Commercial, International and Other Non-Core segments. Year Ended December 31, 2015 Specialty Commercial International Other Total (In millions) Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (141 ) $ (15 ) $ (54 ) $ - $ (210 ) Pretax (favorable) unfavorable premium development (11 ) (15 ) 18 (8 ) Total pretax (favorable) unfavorable net prior year development $ (152 ) $ (30 ) $ (36 ) $ - $ (218 ) Year Ended December 31, 2014 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (136 ) $ 176 $ (59 ) $ (2 ) $ (21 ) Pretax (favorable) unfavorable premium development (13 ) (20 ) 2 (1 ) (32 ) Total pretax (favorable) unfavorable net prior year development $ (149 ) $ 156 $ (57 ) $ (3 ) $ (53 ) Year Ended December 31, 2013 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (196 ) $ 122 $ (38 ) $ (6 ) $ (118 ) Pretax (favorable) unfavorable premium development (14 ) (8 ) (21 ) 1 (42 ) Total pretax (favorable) unfavorable net prior year development $ (210 ) $ 114 $ (59 ) $ (5 ) $ (160 ) Favorable net prior year development of $50 million, $14 million and $9 million was recorded in Life & Group Non-Core for the years ended December 31, 2015, 2014 and 2013. The favorable net prior year development for the year ended December 31, 2015 was driven by favorable claim severity. Premium development can occur in the property and casualty business when there is a change in exposure on auditable policies or when premium accruals differ from processed premium. Audits on policies usually occur in a period after the expiration date of the policy. For the year ended December 31, 2013, favorable premium development for International is primarily due to a commutation recorded at Hardy. Specialty The following table and discussion presents further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the Specialty segment: Year Ended December 31 2015 2014 2013 (In millions) Medical professional liability $ (43 ) $ 39 $ (27 ) Other professional liability and management liability (87 ) (73 ) Surety (69 ) (82 ) (74 ) Warranty (2 ) (2 ) (3 ) Other (27 ) (4 ) (19 ) Total pretax (favorable) unfavorable development $ (141 ) $ (136 ) $ (196 ) 2015 Overall, favorable development for medical professional liability was related to lower than expected severity in accident years 2012 and prior. Unfavorable development was recorded related to increased claim frequency and severity in the aging services business in accident years 2013 and 2014. Favorable development in other professional liability and management liability related to better than expected large loss emergence in financial institutions primarily in accident years 2011 through 2014. Additional favorable development related to lower than expected severity for professional services in accident years 2011 and prior. Unfavorable development was recorded related to increased frequency of large claims on public company management liability in accident years 2012 through 2014. Favorable development for surety coverages was primarily due to lower than expected frequency of large losses in accident years 2013 and prior. Favorable development for other coverages was due to better than expected claim frequency in property coverages provided to Specialty customers in accident year 2014. 2014 Unfavorable development for medical professional liability was primarily related to increased frequency of large medical products liability class action lawsuits in accident years 2012 and prior and increased frequency of other large medical professional liability losses in accident years 2011 through 2013. Overall, favorable development for other professional liability and management liability was related to better than expected severity in accident years 2008 through 2011, including favorable outcomes on individual large claims. Additional favorable development related to lower than expected frequency in accident years 2011 through 2013. Unfavorable development was recorded due to higher than expected severity in financial institution and professional service coverages in accident years 2009 through 2011. Favorable development for surety coverages was primarily due to better than expected large loss emergence in accident years 2012 and prior. 2013 Overall, favorable development for medical professional liability reflects favorable experience in accident years 2009 and prior. Unfavorable development was recorded for accident years 2010 and 2011 due to higher than expected large loss activity. Overall, favorable development for other professional liability and management liability was related to better than expected loss emergence in accident years 2010 and prior. Unfavorable development was recorded in accident year 2011 related to an increase in severity in management liability. Favorable development for surety coverages was primarily due to better than expected large loss emergence in accident years 2011 and prior. Other includes standard property and casualty coverages provided to Specialty customers. Favorable development for other coverages was primarily due to better than expected loss emergence in property coverages primarily in accident years 2010 and subsequent. Commercial The following table and discussion presents further detail of the development recorded for the Commercial segment: Year Ended December 31 2015 2014 2013 (In millions) Commercial auto $ (22 ) $ 31 $ 18 General liability (33 ) 45 64 Workers’ compensation 80 139 91 Property and other (40 ) (39 ) (51 ) Total pretax (favorable) unfavorable development $ (15 ) $ 176 $ 122 2015 Favorable development for commercial auto was primarily due to lower than expected severity in accident years 2009 through 2014. Favorable development for general liability was primarily due to favorable settlements on claims in accident years 2010 through 2013. Unfavorable development for workers’ compensation was primarily due to higher than expected severity related to Defense Base Act (“DBA”) contractors in accident years 2008 through 2014. Favorable development for property and other was primarily due to better than expected claim emergence from 2012 and 2014 catastrophe events and better than expected frequency of large claims in accident year 2014. The year ended December 31, 2015 also included unfavorable loss development related to extra contractual obligation losses and losses associated with premium development. 2014 Unfavorable development for commercial auto was primarily related to higher than expected frequency in accident years 2012 and 2013 and higher than expected severity for liability coverages in accident years 2010 through 2013. Favorable development was recorded related to fewer large claims than expected in accident years 2008 and 2009. Overall, unfavorable development for general liability was primarily related to higher than expected severity in accident years 2010 through 2013. Favorable development was recorded primarily related to lower than expected frequency of large losses in accident years 2005 through 2009. Overall, unfavorable development for workers’ compensation was primarily due to increased medical severity in accident years 2010 and prior, higher than expected severity related to DBA contractors in accident years 2010 through 2013 and the recognition of losses related to favorable premium development in accident year 2013. Favorable development of $26 million was recorded in accident years 1996 and prior related to the commutation of a workers’ compensation reinsurance pool. Favorable development for property and other first party coverages was recorded in accident years 2013 and prior, primarily related to fewer claims than expected and favorable individual claim settlements. 2013 Unfavorable development for commercial auto coverages was primarily due to higher than expected frequency in accident years 2011 and 2012 and large loss emergence in accident years 2009 and 2010. Unfavorable development for general liability coverages was primarily related to increased incurred loss severity in accident years 2010 through 2012. Unfavorable development for workers’ compensation includes CNA’s response to legislation enacted during 2013 related to the New York Fund for Reopened Cases. The law change necessitated an increase in reserves as re-opened workers’ compensation claims can no longer be turned over to the state for handling and payment after December 31, 2013. Additional unfavorable development was recorded in accident year 2012 related to increased frequency and severity on claims related to DBA contractors and in accident year 2010 due to higher than expected large losses and increased severity in the state of California. Favorable development for property and other coverages was primarily related to favorable outcomes on litigated catastrophe claims in accident years 2005 and 2010 as well as favorable loss emergence in non-catastrophe losses in accident years 2010 through 2012. International The following table and discussion presents further detail of the development recorded for the International segment: Year Ended December 31 2015 2014 2013 (In millions) Medical professional liability $ (9 ) $ (7 ) $ (7 ) Other professional liability (16 ) (26 ) (30 ) Liability (17 ) (13 ) (8 ) Property & marine (29 ) (14 ) 13 Other 17 (9 ) (17 ) Commutations 10 11 Total pretax (favorable) unfavorable development $ (54 ) $ (59 ) $ (38 ) 2015 Favorable development in medical professional liability was due to better than expected frequency of losses in accident years 2011 to 2013. Favorable development in other professional liability was due to better than expected large loss emergence in accident years 2011 and prior. Favorable development in liability was due to better than expected large loss emergence in accident years 2012 and prior. Favorable development in property and marine was due to better than expected individual large loss emergence and favorable settlements on large claims in accident years 2013 and 2014. Unfavorable development in other is due to higher than expected large losses in financial institutions and political risk, primarily in accident year 2014. 2014 Overall, favorable development for other professional liability was primarily related to better than expected severity in accident years 2012 and prior. Unfavorable development was recorded in accident year 2008 due to financial crisis claims. Favorable development for liability was primarily related to better than expected frequency and severity in accident years 2009 and subsequent. Favorable development for property and marine coverages primarily related to better than expected frequency of large claims in accident years 2012 and prior. Favorable development for other coverages was a result of better than expected frequency in Hardy, primarily in financial institution coverages. Reinsurance commutations in the first quarter of 2014 reduced ceded losses from prior years. Overall the commutations increased net operating income because of the release of the related allowance for uncollectible reinsurance. 2013 Overall, favorable development for other professional liability was primarily related to better than expected severity in accident years 2011 and prior. Unfavorable development was recorded related to higher than expected severity in accident year 2012. Overall, unfavorable development for property and marine coverages was primarily due to 2011 catastrophe events, including the Thailand floods and the New Zealand Lyttelton earthquake, and one large non-catastrophe claim. Favorable development was recorded related to better than expected severity in accident years 2008 through 2011. Favorable development for other coverages was largely a result of better than expected severity in Hardy in accident year 2012. The commutation of a third-party capital provider’s 15% participation in the 2012 year of account resulted in recognition of the 15% share of year of account premiums, losses and expenses. A&EP Reserves In 2010, Continental Casualty Company (“CCC”) together with several of CNA’s insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of CNA’s legacy A&EP liabilities were ceded to NICO (loss portfolio transfer or “LPT”). At the transaction effective date, CNA ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. CNA paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion. Through December 31, 2013, CNA recorded $0.9 billion of additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the loss portfolio transfer exceeded the $2.2 billion consideration paid, resulting in a deferred retroactive reinsurance gain. This deferred gain is recognized in earnings in proportion to actual recoveries under the loss portfolio transfer. Over the life of the contract, there is no economic impact as long as any additional losses are within the limit under the contract. In a period in which the estimate of ceded losses is changed, the required change to the deferred gain is cumulatively recognized in earnings as if the revised estimate was available at the inception of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits in the Consolidated Statements of Income. The following table presents the impact of the loss portfolio transfer on the Consolidated Statements of Income. Year Ended December 31 2015 2014 2013 (In millions) Net A&EP adverse development before consideration of LPT $ 150 $ - $ 363 Provision for uncollectible third party reinsurance on A&EP 140 Additional amounts ceded under LPT 150 - 503 Retroactive reinsurance benefit recognized (85 ) (13 ) (314 ) Pretax impact of deferred retroactive reinsurance $ 65 $ (13 ) $ 189 During 2013, unfavorable development was recorded for accident years 2000 and prior related to A&EP claims due to an increase in ultimate claim severity and higher than anticipated claim reporting, as well as increased defense costs. Additionally, CNA recognized a provision for uncollectible third-party reinsurance which increased the expected recovery from NICO. The fourth quarter of 2014 A&EP reserve review was not completed in 2014 because additional information and analysis on inuring third party reinsurance recoveries were needed to finalize the review. The review was finalized in the second quarter of 2015. Unfavorable development was due to a decrease in anticipated future reinsurance recoveries related to asbestos claims and higher than expected severity on pollution claims. CNA adopted the second quarter of the year as the timing for all future annual A&EP claims actuarial reviews. As of December 31, 2015 and 2014, the cumulative amounts ceded under the LPT were $2.6 billion and $2.5 billion. The unrecognized deferred retroactive reinsurance benefit was $241 million and $176 million as of December 31, 2015 and 2014. NICO established a collateral trust account as security for its obligations to CNA. The fair value of the collateral trust account was $2.8 billion and $3.4 billion as of December 31, 2015 and 2014. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the full aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to CNA’s A&EP claims. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Note 9. Leases Leases cover office facilities, machinery and computer equipment. The Company’s hotels in some instances are constructed on leased land. Rent expense amounted to $85 million, $94 million and $83 million for the years ended December 31, 2015, 2014 and 2013. The table below presents the future minimum lease payments to be made under non-cancelable operating leases along with lease and sublease minimum receipts to be received on owned and leased properties. Future Minimum Lease Year Ended December 31 Payments Receipts (In millions) 2016 $ 59 $ 5 2017 53 5 2018 51 5 2019 46 5 2020 43 4 Thereafter 242 23 Total $ 494 $ 47 In connection with the planned relocation of CNA’s global headquarters, on February 12, 2016, CNA agreed to sell the current principal executive offices of CNA. Concurrently, CNA agreed to lease back the current office space until the relocation of the global headquarters under a separate lease agreement, which is expected to occur in 2018. These anticipated lease agreements include expected future minimum lease payments of $9 million in 2016, $10 million in 2017, $4 million in 2018, $0 in 2019, $5 million in 2020 and $138 million thereafter through the remainder of the seventeen year lease term on the new office space. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company has entered into a separate tax allocation agreement with CNA, a majority-owned subsidiary in which its ownership exceeds 80%. The agreement provides that the Company will: (i) pay to CNA the amount, if any, by which the Company’s consolidated federal income tax is reduced by virtue of inclusion of CNA in the Company’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice. For 2013 through 2015, the Internal Revenue Service (“IRS”) has accepted the Company into the Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. The Company believes this approach should reduce tax-related uncertainties, if any. Although the outcome of tax audits is always uncertain, the Company believes that any adjustments resulting from audits will not have a material impact on its results of operations, financial position and cash flows. The Company and/or its subsidiaries also file income tax returns in various state, local and foreign jurisdictions. These returns, with few exceptions, are no longer subject to examination by the various taxing authorities before 2011. Diamond Offshore, which is not included in the Company’s consolidated federal income tax return, files income tax returns in the U.S. federal, various state and foreign jurisdictions. Tax years that remain subject to examination by these jurisdictions include years 2009 to 2015. The 2013 federal income tax return is currently under examination. The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2015 2014 2013 (In millions) Income tax expense (benefit): Federal: Current $ 79 $ 370 $ 705 Deferred (234 ) (23 ) (232 ) State and city: Current 21 12 19 Deferred 5 6 1 Foreign 86 92 163 Total $ (43 ) $ 457 $ 656 The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows: Year Ended December 31 2015 2014 2013 (In millions) Income before income tax: U.S. $ 543 $ 1,499 $ 1,945 Foreign (299 ) 311 332 Total $ 244 $ 1,810 $ 2,277 Income tax expense at statutory rate $ 86 $ 633 $ 797 Increase (decrease) in income tax expense resulting from: Exempt investment income (126 ) (121 ) (99 ) Foreign related tax differential (18 ) (48 ) (117 ) Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions 38 44 31 Taxes related to domestic affiliate (10 ) 14 19 Partnership earnings not subject to taxes (38 ) (39 ) (38 ) Unrecognized tax benefit (expense) 1 (42 ) 66 Other (a) 24 16 (3 ) Income tax expense (benefit) $ (43 ) $ 457 $ 656 (a) Includes state and local taxes, retroactive tax law changes, adjustments to prior year estimates and other non-deductible expenses. Provision has been made for the expected U.S. federal income tax liabilities applicable to undistributed earnings of subsidiaries, except for certain subsidiaries for which the Company intends to invest the undistributed earnings indefinitely to finance foreign activities, or recover such undistributed earnings tax-free. The determination of the amount of the unrecognized deferred tax liability on approximately $2.0 billion of undistributed earnings related to foreign subsidiaries is not practicable. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2015 2014 2013 (In millions) Balance at January 1 $ 57 $ 91 $ 67 Additions based on tax positions related to the current year 7 6 2 Additions for tax positions related to a prior year 31 Reductions for tax positions related to a prior year (3 ) (35 ) (7 ) Lapse of statute of limitations (7 ) (5 ) (2 ) Balance at December 31 $ 54 $ 57 $ 91 At December 31, 2015, 2014 and 2013, $49 million, $51 million and $76 million of unrecognized tax benefits related to Diamond Offshore would affect the effective tax rate if recognized. The Company recognizes interest accrued related to: (i) unrecognized tax benefits in Interest expense and (ii) tax refund claims in Other revenues on the Consolidated Statements of Income. The Company recognizes penalties in Income tax expense on the Consolidated Statements of Income. Interest amounts recorded by the Company were insignificant for the years ended December 31, 2015, 2014 and 2013. The Company recorded income tax expense of $2 million and $38 million for the years ended December 31, 2015 and 2013 and income tax benefit of $22 million for the year ended December 31, 2014 related to penalties. During 2013, Diamond Offshore received notification from the Egyptian tax authorities proposing a $1.2 billion increase in taxable income for the years 2006 to 2008. In December of 2013, Diamond Offshore accrued an additional $57 million of expense for uncertain tax positions in Egypt for all open years. During the first quarter of 2014, Diamond Offshore settled certain disputes for the years 2006 through 2008 with the Egyptian tax authorities, resulting in a net reduction to income tax expense of $17 million. One issue for the 2006 through 2008 period remains open, which Diamond Offshore appealed. The court case is scheduled to occur in the first quarter of 2016. Diamond Offshore has sought assistance from an agency of the U.S. Treasury Department, pursuant to international tax treaties and continues to believe that its position will, more likely than not, be sustained. However, if Diamond Offshore’s position is not sustained, tax expense and related penalties would increase by approximately $53 million related to this issue for the 2006 through 2008 tax years as of December 31, 2015. During the third quarter of 2014, Diamond Offshore reversed $36 million of reserves for uncertain tax positions, including $6 million for interest and $11 million for penalties, related to a favorable court decision in Brazil resulting in the closure of the 2004 and 2005 tax years, approval from Malaysian tax authorities for the settlement of tax liabilities and penalties for the years 2003 through 2008 and the expiration of the statute of limitations in Mexico for the 2008 tax year. Due to the 2015 expiration of the statute of limitations in Mexico for the 2009 tax year for one of Diamond Offshore’s subsidiaries operating in Mexico, Diamond Offshore reversed an $11 million accrual for an uncertain tax position of which $4 million is interest and $1 million is penalty. The following table summarizes deferred tax assets and liabilities: December 31 2015 2014 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 178 $ 265 Unearned premium reserves 230 187 Receivables 30 37 Employee benefits 419 432 Life settlement contracts 48 46 Deferred retroactive reinsurance benefit 84 61 Net operating loss carryforwards 245 321 Tax credit carryforwards 131 93 Basis differential in investment in subsidiary 19 21 Other 282 209 Total deferred tax assets 1,666 1,672 Valuation allowance (147 ) (48 ) Net deferred tax assets 1,519 1,624 Deferred tax liabilities: Deferred acquisition costs (117 ) (226 ) Net unrealized gains (166 ) (469 ) Property, plant and equipment (998 ) (1,132 ) Basis differential in investment in subsidiary (428 ) (472 ) Other liabilities (173 ) (204 ) Deferred tax liabilities (1,882 ) (2,503 ) Net deferred tax liability (a) $ (363 ) $ (879 ) (a) Includes $19 and $14 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2015 and 2014. Federal net operating loss carryforwards of $138 million expire in 2034 and 2035. Net operating loss carryforwards in foreign tax jurisdictions of $66 million expire between 2020 and 2025 and $32 million can be carried forward indefinitely. Federal tax credit carryforwards of $83 million have indefinite lives and $46 million of foreign tax credit carryforwards expire in 2024 and 2025. Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. The act extended, through 2013, several expired or expiring temporary business provisions, commonly referred to as “extenders,” which were retroactively extended to the beginning of 2012. As required by GAAP, the effects of new legislation are recognized when signed into law. The Company reduced 2013 tax expense by $28 million as a result of recognizing the 2012 effect of the extenders. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 11. Debt December 31 2015 2014 (In millions) Loews Corporation (Parent Company): Senior: 5.3% notes due 2016 (effective interest rate of 5.4%) (authorized, $400) $ 400 $ 400 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 6.5% notes due 2016 (effective interest rate of 6.6%) (authorized, $350) 350 350 7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) 150 150 7.4% notes due 2019 (effective interest rate of 7.5%) (authorized, $350) 350 350 5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) 500 500 5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) 400 400 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 Variable rate note due 2036 (effective interest rate of 3.8% and 3.5%) 30 30 Capital lease obligation 4 2 Diamond Offshore: Senior: Commercial paper (weighted average interest rate of 0.9%) 287 4.9% notes due 2015 (effective interest rate of 5.0%) (authorized, $250) 250 5.9% notes due 2019 (effective interest rate of 6.0%) (authorized, $500) 500 500 3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) 250 250 5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) 500 500 4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) 750 750 Boardwalk Pipeline: Senior: Variable rate revolving credit facility due 2020 (effective interest rate of 1.7% and 1.5%) 375 120 Variable rate term loan due 2017 (effective interest rate of 1.9%) 200 4.6% notes due 2015 (effective interest rate of 5.1%) (authorized, $250) 250 5.1% notes due 2015 (effective interest rate of 5.2%) (authorized, $275) 275 5.9% notes due 2016 (effective interest rate of 6.0%) (authorized, $250) 250 250 5.5% notes due 2017 (effective interest rate of 5.6%) (authorized, $300) 300 300 6.3% notes due 2017 (effective interest rate of 6.4%) (authorized, $275) 275 275 5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) 185 185 5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) 350 350 4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) 440 440 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600 and $350) 600 350 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 Capital lease obligation 10 10 Loews Hotels: Senior debt, principally mortgages (effective interest rates approximate 4.1%) 598 506 10,647 10,736 Less unamortized discount 64 68 Debt $ 10,583 $ 10,668 Unamortized Short Term Long Term December 31, 2015 Principal Discount Net Debt Debt (In millions) Loews Corporation $ 1,700 $ 19 $ 1,681 $ 400 $ 1,281 CNA Financial 2,577 11 2,566 351 2,215 Diamond Offshore 2,287 18 2,269 287 1,982 Boardwalk Pipeline 3,485 16 3,469 3,469 Loews Hotels 598 598 2 596 Total $ 10,647 $ 64 $ 10,583 $ 1,040 $ 9,543 At December 31, 2015, the aggregate of long term debt maturing in each of the next five years is approximately as follows: $1.1 billion in 2016, $657 million in 2017, $455 million in 2018, $1.2 billion in 2019, $1.2 billion in 2020, and $6.0 billion thereafter. Long term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of scheduled payments discounted at the specified treasury rate plus a margin. CNA Financial CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $17 million of FHLBC stock as of December 31, 2015, giving it access to approximately $349 million of additional liquidity. As of December 31, 2015, CNA has no outstanding borrowings from the FHLBC. During the third quarter of 2015, CNA entered into a new credit agreement with a syndicate of banks and simultaneously terminated the previous credit agreement. The new credit agreement established a five-year $250 million senior unsecured revolving credit facility which may be used for general corporate purposes. At CNA’s election, the commitments under the new credit agreement may be increased from time to time up to an additional aggregate amount of $100 million and the new credit agreement includes two optional one-year extensions prior to the first and second anniversary of the closing date, subject to applicable consents. As of December 31, 2015 and 2014, there were no outstanding borrowings under the credit agreements and CNA was in compliance with all covenants. Diamond Offshore Diamond Offshore has a $1.5 billion senior unsecured revolving credit facility. In October 2015, Diamond Offshore entered into an extension agreement of the revolving credit facility which, among other things, provides for a one-year extension of the maturity date for most of the lenders. The extended revolving credit facility matures in October 2020, except for $40 million of commitments that mature in March 2019 and $60 million of commitments that mature in October 2019. In addition, Diamond Offshore also has the option to increase the revolving commitments under the revolving credit facility by up to an additional $500 million from time to time, upon receipt of additional commitments from new or existing lenders, and to request one additional one-year extension of the maturity date. Up to $250 million of the facility may be used for the issuance of performance or other standby letters of credit and up to $100 million may be used for swingline loans. At December 31, 2015 and 2014, there were no amounts outstanding under the credit agreement. As of December 31, 2015, Diamond Offshore had $287 million outstanding of commercial paper supported by its existing $1.5 billion revolving credit facility. As of December 31, 2015, the commercial paper notes had a weighted average interest rate of 0.9% and a weighted average remaining term of 5.8 days. In July of 2015, Diamond Offshore repaid $250 million aggregate principal amount of its 4.9% senior notes due July 1, 2015, primarily with funds obtained through the issuance of additional commercial paper. Boardwalk Pipeline Boardwalk Pipeline intends to refinance all of the outstanding $250 million aggregate principal amount of 5.9% notes due 2016 on a long term basis and has sufficient available capacity under their revolving credit facility to extend the amount that would otherwise come due in less than one year. The Boardwalk Pipeline Senior Notes due in 2016 are included in Long term debt on the Consolidated Balance Sheets. In March of 2015, Boardwalk Pipeline completed a public offering of an additional $250 million aggregate principal amount of its 5.0% senior notes due December 15, 2024. Boardwalk Pipeline originally issued $350 million aggregate principal amount of its 5.0% senior notes due December 15, 2024 in November of 2014. During 2015, Boardwalk Pipeline used the net proceeds from this offering to retire all of the outstanding $250 million aggregate principal amount of 4.6% notes that matured on June 1, 2015 and repaid at maturity the entire $275 million aggregate principal amount of its 5.1% senior notes. In May of 2015, Boardwalk Pipeline entered into an amended revolving credit agreement having aggregate lending commitments of $1.5 billion and a maturity date of May 26, 2020. Outstanding borrowings under Boardwalk’s revolving credit facility as of December 31, 2015 and 2014 were $375 million and $120 million with a weighted-average interest rate on the borrowings of 1.7% and 1.5%. At December 31, 2015, Boardwalk Pipeline was in compliance with all covenants under the credit facility and had available borrowing capacity of $1.1 billion. During 2015, Boardwalk Pipeline repaid the $200 million of outstanding borrowings and terminated all related commitments of their variable-rate term loan. Loews Hotels In September of 2015, Loews Hotels entered into an $87 million mortgage loan agreement which bears interest at London Interbank Offered Rate (“LIBOR”) plus an applicable margin. The mortgage loan agreement is due October 1, 2018 and includes two optional one-year extensions, subject to applicable conditions. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Note 12. Shareholders’ Equity Accumulated other comprehensive income The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the years ended December 31, 2013, 2014 and 2015: OTTI Unrealized Discontinued Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2013 $ 18 $ 1,233 $ 20 $ (4 ) $ (732 ) $ 143 $ 678 Other comprehensive income (loss) before reclassifications, after tax of $(3), $354, $3, $4, $(165) and $0 6 (658 ) (6 ) (6 ) 307 (11 ) (368 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $10, $10, $(2), $(12) and $0 (21 ) (17 ) 6 22 (10 ) Other comprehensive income (loss) 6 (679 ) (23 ) - 329 (11 ) (378 ) Issuance of equity securities by subsidiary 2 2 Amounts attributable to noncontrolling interests (1 ) 68 (31 ) 1 37 Balance, December 31, 2013 23 622 (3 ) (4 ) (432 ) 133 339 Sale of subsidiaries (5 ) (15 ) 20 - Other comprehensive income (loss) before reclassifications, after tax of $(8), $(132), $(3), $1, $132 and $0 15 295 2 (2 ) (244 ) (94 ) (28 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $10, $16, $0, $(7) and $0 (28 ) (21 ) (1 ) 9 (41 ) Other comprehensive income (loss) 15 267 (19 ) (3 ) (235 ) (94 ) (69 ) Amounts attributable to noncontrolling interests (1 ) (28 ) 2 1 26 10 10 Balance, December 31, 2014 32 846 - (6 ) (641 ) 49 280 Other comprehensive loss before reclassifications, after tax of $13, $313, $0, $1, $16 and $0 (23 ) (600 ) (2 ) (31 ) (139 ) (795 ) Reclassification of losses from accumulated other comprehensive income, after tax of $(8), $(31), $0, $(2), $(11) and $0 14 43 7 13 77 Other comprehensive income (loss) (9 ) (557 ) - 5 (18 ) (139 ) (718 ) Issuance of equity securities by subsidiary 1 1 Amounts attributable to noncontrolling interests 1 58 (2 ) 9 14 80 Balance, December 31, 2015 $ 24 $ 347 $ - $ (3 ) $ (649 ) $ (76 ) $ (357 ) Amounts reclassified from AOCI shown above are reported in Net income as follows: Major Category of AOCI Affected Line Item OTTI gains (losses) Investment gains (losses) Unrealized gains (losses) on investments Investment gains (losses) Unrealized gains (losses) and cash flow hedges related to discontinued operations Discontinued operations, net Cash flow hedges Other revenues and Contract drilling expenses Pension liability Other operating expenses Common Stock Dividends Dividends of $0.25 per share on the Company’s common stock were declared and paid in 2015, 2014 and 2013. There are no restrictions on the Company’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of the Company’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective loan agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 13 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends. Subsidiary Equity Transactions The Company purchased 1.1 million shares of Diamond Offshore common stock at an aggregate cost of $29 million during 2015. The Company’s percentage ownership interest in Diamond Offshore increased as a result of these transactions, from 52% to 53%. The Company’s purchase price of the shares was lower than the carrying value of its investment in Diamond Offshore, resulting in an increase to Additional paid-in capital (“APIC”) of $5 million. Boardwalk Pipeline sold 7.1 million common units under an equity distribution agreement with certain broker-dealers during 2015 and received net proceeds of $115 million, including a $2 million contribution from the Company to maintain its 2% general partner interest. The Company’s percentage ownership interest in Boardwalk Pipeline declined as a result of this transaction, from 53% to 51%. The Company’s carrying value exceeded the issuance price of the common units, resulting in a decrease to APIC of $2 million and an increase to AOCI of $1 million. Treasury Stock The Company repurchased 33.3 million, 14.6 million and 4.9 million shares of its common stock at aggregate costs of $1.3 billion, $622 million and $218 million during the years ended December 31, 2015, 2014 and 2013. As of December 31, 2015 all outstanding treasury stock was retired. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. |
Statutory Accounting Practices
Statutory Accounting Practices | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Statutory Accounting Practices | Note 13. Statutory Accounting Practices CNA’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities. CNA has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62R (“SSAP No. 62R”), Property and Casualty Reinsurance The long term care premium deficiency discussed in Note 1 was recorded on a GAAP basis. There was no premium deficiency for statutory accounting purposes. Statutory accounting principles requires the use of prescribed discount rates in calculating the reserves for long term care future policy benefits which are lower than the discount rates used on a GAAP basis and results in higher carried reserves relative to GAAP reserves. The payment of dividends by CNA’s insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator. Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (“Department”) are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2015, CCC is in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2016 that would not be subject to the Department’s prior approval is $1.1 billion, less dividends paid during the preceding 12 months measured at that point in time. CCC paid dividends of $900 million in 2015. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company. Combined statutory capital and surplus and statutory net income (loss), determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities for the Combined Continental Casualty Companies and the life company, are presented in the table below. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2015 (a) 2014 2015 (a) 2014 2013 (In millions) Combined Continental Casualty Companies $ 10,723 $ 11,155 $ 1,148 $ 914 $ 913 Life company - - - 37 48 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action. The statutory capital and surplus presented above for CCC was approximately 266% and 270% of company action level RBC at December 31, 2015 and 2014. Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision. The statutory capital and surplus of CCC’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | Note 14. Benefit Plans Pension Plans – The Company has several non-contributory defined benefit plans for eligible employees. Benefits for certain plans are determined annually based on a specified percentage of annual earnings (based on the participant’s age or years of service) and a specified interest rate (which is established annually for all participants) applied to accrued balances. The benefits for another plan which covers salaried employees are based on formulas which include, among others, years of service and average pay. The Company’s funding policy is to make contributions in accordance with applicable governmental regulatory requirements. Other Postretirement Benefit Plans – The Company has several postretirement benefit plans covering eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining units vary by each unit and contract. Benefits for certain retirees are in the form of a Company health care account. Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with the Company reimbursing a portion of the unpaid amount; or are reimbursed for the Medicare Part B premium or have no Company coverage. The benefits provided by the Company are basically health and, for certain retirees, life insurance type benefits. The Company funds certain of these benefit plans, and accrues postretirement benefits during the active service of those employees who would become eligible for such benefits when they retire. The Company uses December 31 as the measurement date for its plans. Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2015 2014 2013 2015 2014 2013 Discount rate 4.0% 3.7% 4.4% 3.7% 3.4% 4.2% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Rate of compensation increase 3.5% to 5.5% 3.5% to 5.5% 3.5% to 5.5% Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.8% 4.4% 3.9% 3.4% 4.0% 3.5% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% to 7.8% 5.3% 5.3% 5.3% Rate of compensation increase 3.5% to 5.5% 3.5% to 5.5% 3.5% to 5.5% The expected long term rate of return for plan assets is determined based on widely-accepted capital market principles, long term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained. Assumed health care cost trend rates: December 31 2015 2014 2013 Health care cost trend rate assumed for next year 4.0% to 7.5% 4.0% to 8.0% 4.0% to 8.5% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2016-2021 2015-2021 2014-2022 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. An increase or decrease in the assumed health care cost trend rate of 1% in each year would not have a significant impact on the Company’s service and interest cost as of December 31, 2015. An increase of 1% in each year would increase the Company’s accumulated postretirement benefit obligation as of December 31, 2015 by $2 million and a decrease of 1% in each year would decrease the Company’s accumulated postretirement benefit obligation as of December 31, 2015 by $3 million. Net periodic benefit cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2015 2014 2013 2015 2014 2013 (In millions) Service cost $ 12 $ 16 $ 22 $ 1 $ 1 $ 1 Interest cost 127 149 136 3 4 4 Expected return on plan assets (193 ) (209 ) (198 ) (5 ) (4 ) (5 ) Amortization of unrecognized net loss 42 30 54 1 1 1 Amortization of unrecognized prior service benefit (1 ) (1 ) (10 ) (18 ) (25 ) Settlement/Curtailment 3 86 5 (86 ) Net periodic benefit cost $ (10 ) $ 71 $ 19 $ (10 ) $ (102 ) $ (24 ) In 2015, CNA eliminated future benefit accruals associated with the CNA Retirement Plan effective June 30, 2015. This amendment resulted in a $55 million curtailment which is a decrease in the plan benefit obligation liability and a reduction of the unrecognized actuarial losses included in AOCI. In connection with the curtailment, CNA remeasured the plan benefit obligation which resulted in an increase in the discount rate used to determine the benefit obligation from 3.9% to 4.0%. During 2014, CNA offered a limited-time lump sum settlement payment opportunity to the majority of the terminated vested participants of the CNA Retirement Plan. Settlement payments of $253 million were made from CNA Retirement Plan assets and an $84 million settlement charge was recorded by the Company in the fourth quarter of 2014 to recognize a portion of the unrecognized actuarial losses previously reflected in AOCI. This settlement charge is included in Other operating expenses in the Consolidated Statements of Income. In the second quarter of 2014, CNA eliminated certain postretirement medical benefits associated with the CNA Health and Group Benefits Program. This change was a negative plan amendment which resulted in an $86 million curtailment gain reported in Other operating expenses in the Consolidated Statements of Income. In connection with the plan amendment, CNA remeasured the plan benefit obligation which resulted in a decrease to the discount rate used to determine the benefit obligation from 3.6% to 3.1%. The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,446 $ 3,336 $ 97 $ 101 Service cost 12 16 1 1 Interest cost 127 149 3 4 Plan participants’ contributions 5 6 Amendments/curtailments (55 ) (4 ) (7 ) Actuarial (gain) loss (96 ) 402 (11 ) 7 Benefits paid from plan assets (187 ) (178 ) (13 ) (15 ) Settlements (12 ) (268 ) Foreign exchange (8 ) (7 ) Benefit obligation at December 31 3,227 3,446 82 97 Change in plan assets: Fair value of plan assets at January 1 2,713 2,914 87 81 Actual return on plan assets (21 ) 233 2 9 Company contributions 15 19 5 6 Plan participants’ contributions 5 6 Benefits paid from plan assets (187 ) (178 ) (13 ) (15 ) Settlements (12 ) (268 ) Foreign exchange (8 ) (7 ) Fair value of plan assets at December 31 2,500 2,713 86 87 Funded status $ (727 ) $ (733 ) $ 4 $ (10 ) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 11 $ 9 $ 38 $ 32 Other liabilities (738 ) (742 ) (34 ) (42 ) Net amount recognized $ (727 ) $ (733 ) $ 4 $ (10 ) Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Prior service credit $ (5 ) $ (5 ) $ (9 ) $ (19 ) Net actuarial loss 1,106 1,090 8 18 Net amount recognized $ 1,101 $ 1,085 $ (1 ) $ (1 ) Information for plans with projected and accumulated benefit obligations in excess of plan assets: Projected benefit obligation $ 3,129 $ 3,336 Accumulated benefit obligation 3,114 3,262 $ 34 $ 42 Fair value of plan assets 2,391 2,713 The accumulated benefit obligation for all defined benefit pension plans was $3.2 billion and $3.4 billion at December 31, 2015 and 2014. The Company employs a total return approach whereby a mix of equity and fixed maturity securities are used to maximize the long term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 40% to 60% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. The intent of this strategy is to minimize the Company’s expenses by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment portfolio contains a diversified blend of fixed maturity, equity and short term securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long term returns while improving portfolio diversification. At December 31, 2015, the Company had committed $105 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. The table below presents the estimated amounts to be recognized from AOCI into net periodic cost (benefit) during 2016. Pension Other (In millions) Amortization of net actuarial loss $ 46 $ - Amortization of prior service credit (1 ) (3 ) Total estimated amounts to be recognized $ 45 $ (3 ) The table below presents the estimated future minimum benefit payments at December 31, 2015. Expected future benefit payments Pension Other (In millions) 2016 $ 218 $ 8 2017 217 8 2018 216 7 2019 217 7 2020 219 7 2021 – 2025 1,076 25 In 2016, it is expected that contributions of approximately $14 million will be made to pension plans and $4 million to postretirement health care and life insurance benefit plans. Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 455 $ 10 $ 465 States, municipalities and political subdivisions 106 106 Asset-backed 219 219 Total fixed maturities $ - 780 10 790 Equity securities 373 107 480 Short term investments 30 28 58 Fixed income mutual funds 95 95 Limited partnerships: Hedge funds 565 327 892 Private equity 133 133 Total limited partnerships - 565 460 1,025 Other assets 52 52 Total $ 498 $ 1,532 $ 470 $ 2,500 December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 463 $ 15 $ 478 States, municipalities and political subdivisions 80 80 Asset-backed 216 216 U.S. Treasury and obligations of government- sponsored enterprises $ 25 25 Total fixed maturities 25 759 15 799 Equity securities 432 118 550 Short term investments 58 101 159 Fixed income mutual funds 99 99 Limited partnerships: Hedge funds 619 333 952 Private equity 123 123 Total limited partnerships - 619 456 1,075 Other assets 1 30 31 Total $ 615 $ 1,627 $ 471 $ 2,713 The limited partnership investments are recorded at fair value, which represents the plans’ share of the net asset value of each partnership. The share of the net asset value of each partnership is determined by the General Partner and is based upon the fair value of the underlying investments, which are valued using varying market approaches. Level 2 includes limited partnership investments which can be redeemed at net asset value in 90 days or less. Level 3 includes limited partnership investments with withdrawal provisions greater than 90 days, or for which withdrawals are not permitted until the termination of the partnership. Within hedge fund strategies, approximately 57% were equity related, 37% pursued a multi-strategy approach and 6% were focused on distressed investments at December 31, 2015. For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4. The tables below present reconciliations for all pension plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014: Net Actual Return on Assets Purchases, Net Transfers Balance at Still Held at Sold During Sales, and In (Out) of Balance at 2015 January 1, December 31, the Year Settlements Level 3 December 31, (In millions) Fixed maturity securities: Corporate and other bonds $ 15 $ (5 ) $ 10 Limited partnerships: Hedge funds 333 $ 19 $ (25 ) 327 Private equity 123 10 $ (1 ) 1 133 Total limited partnerships 456 29 (1 ) (24 ) - 460 Total $ 471 $ 29 $ (1 ) $ (24 ) $ (5 ) $ 470 2014 Fixed maturity securities: Corporate and other bonds $ 15 $ 15 Equity securities 8 $ (8 ) Limited partnerships: Hedge funds 352 $ 21 (40 ) 333 Private equity 125 19 $ 1 (22 ) 123 Total limited partnerships 477 40 1 (62 ) $ - 456 Total $ 500 $ 40 $ 1 $ (70 ) $ - $ 471 Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 17 $ 17 States, municipalities and political subdivisions 42 42 Asset-backed 19 19 Total fixed maturities $ - 78 $ - 78 Short term investments 3 3 Fixed income mutual funds 5 5 Total $ 8 $ 78 $ - $ 86 December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 18 $ 18 States, municipalities and political subdivisions 43 43 Asset-backed 20 20 Total fixed maturities $ - 81 $ - 81 Short term investments 3 3 Fixed income mutual funds 3 3 Total $ 6 $ 81 $ - $ 87 There were no Level 3 assets at December 31, 2015 and 2014. Savings Plans – The Company and its subsidiaries have several contributory savings plans which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. The contributions by the Company and its subsidiaries to these plans amounted to $115 million, $125 million and $120 million for the years ended December 31, 2015, 2014 and 2013. Stock Option Plans – In 2012, shareholders approved the amended and restated Loews Corporation 2000 Stock Option Plan (the “Loews Plan”). The aggregate number of shares of Loews common stock for which options or SARs may be granted under the Loews Plan is 18,000,000 shares, and the maximum number of shares of Loews common stock with respect to which options or SARs may be granted to any individual in any calendar year is 1,200,000 shares. The exercise price per share may not be less than the fair market value of the common stock on the date of grant. Generally, options and SARs vest ratably over a four-year period and expire in ten years. A summary of the stock option and SAR transactions for the Loews Plan follows: 2015 2014 Number of Weighted Number of Weighted Awards outstanding, January 1 6,908,778 $ 39.905 6,476,391 $ 38.497 Granted 924,000 38.715 910,375 43.839 Exercised (390,856 ) 28.586 (392,519 ) 24.670 Canceled (80,564 ) 45.505 (85,469 ) 45.117 Awards outstanding, December 31 7,361,358 40.295 6,908,778 39.905 Awards exercisable, December 31 5,341,685 $ 39.851 4,924,249 $ 38.742 The following table summarizes information about the Company’s stock options and SARs outstanding in connection with the Loews Plan at December 31, 2015: Awards Outstanding Awards Exercisable Range of exercise prices Number of Weighted Weighted Number of Weighted Price $20.01-30.00 377,758 3.06 $ 25.472 377,758 $ 25.472 30.01-40.00 2,969,582 4.82 37.168 2,410,992 37.084 40.01-50.00 3,844,443 5.85 43.691 2,383,360 44.131 50.01-60.00 169,575 1.06 51.080 169,575 51.080 In 2015, the Company awarded SARs totaling 924,000 shares. In accordance with the Loews Plan, the Company has the ability to settle SARs in shares or cash and has the intention to settle in shares. The SARs balance at December 31, 2015 was 7,350,858 shares. There were 5,357,709 shares and 6,099,228 shares available for grant as of December 31, 2015 and 2014. The weighted average remaining contractual terms of awards outstanding and exercisable as of December 31, 2015 were 5.2 years and 4.1 years. The aggregate intrinsic values of awards outstanding and exercisable at December 31, 2015 were $9 million and $9 million. The total intrinsic value of awards exercised was $5 million, $8 million and $11 million for the years ended 2015, 2014 and 2013. The total fair value of shares vested was $6 million, $7 million and $7 million for the years ended 2015, 2014 and 2013. The Company recorded stock based compensation expense of $6 million, $6 million and $7 million related to the Loews Plan for the years ended December 31, 2015, 2014 and 2013. The related income tax benefits recognized were $2 million for each year. At December 31, 2015, the compensation cost related to nonvested awards not yet recognized was $9 million, and the weighted average period over which it is expected to be recognized is 2.4 years. The fair value of granted options and SARs for the Loews Plan were estimated at the grant date using the Black-Scholes pricing model with the following assumptions and results: Year Ended December 31 2015 2014 2013 Expected dividend yield 0.7 % 0.6 % 0.6 % Expected volatility 19.1 % 16.9 % 16.3 % Weighted average risk-free interest rate 1.5 % 1.7 % 1.1 % Expected holding period (in years) 5.0 5.0 5.0 Weighted average fair value of awards $ 6.94 $ 7.41 $ 6.75 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2015 | |
Insurance [Abstract] | |
Reinsurance | Note 15. Reinsurance CNA cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of CNA. A credit exposure exists with respect to property and casualty and life reinsurance ceded to the extent that any reinsurer is unable to meet its obligations or to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and CNA’s retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers’ compensation. Corporate catastrophe reinsurance is also purchased for property and workers’ compensation exposure. Currently most reinsurance contracts are purchased on an excess of loss basis. CNA also utilizes facultative reinsurance in certain lines. In addition, CNA assumes reinsurance, primarily through Hardy and as a member of various reinsurance pools and associations. The following table presents the amounts receivable from reinsurers: December 31 2015 2014 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 4,087 $ 4,344 Ceded future policy benefits 207 185 Reinsurance receivables related to paid losses 197 213 Reinsurance receivables 4,491 4,742 Less allowance for doubtful accounts 38 48 Reinsurance receivables, net of allowance for doubtful accounts $ 4,453 $ 4,694 CNA has established an allowance for doubtful accounts on reinsurance receivables. CNA reviews the allowance quarterly and adjusts the allowance as necessary to reflect changes in estimates of uncollectible balances. The allowance may also be reduced by write-offs of reinsurance receivable balances. CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, CNA may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral was approximately $3.2 billion and $3.4 billion at December 31, 2015 and 2014. CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2015 were approximately $2.4 billion from subsidiaries of Berkshire Hathaway Group, $284 million from the Gateway Rivers Insurance Company and $207 million from subsidiaries of the Hartford Insurance Group. The recoverable from the Berkshire Hathaway Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the loss portfolio transfer as discussed in Note 8. The effects of reinsurance on earned premiums are presented in the following table: Direct Assumed Ceded Net Assumed/ (In millions) Year Ended December 31, 2015 Property and casualty $ 9,853 $ 274 $ 3,754 $ 6,373 4.3 % Accident and health 498 50 548 9.1 Earned premiums $ 10,351 $ 324 $ 3,754 $ 6,921 4.7 % Year Ended December 31, 2014 Property and casualty $ 9,452 $ 277 $ 3,073 $ 6,656 4.2 % Accident and health 508 48 556 8.6 Earned premiums $ 9,960 $ 325 $ 3,073 $ 7,212 4.5 % Year Ended December 31, 2013 Property and casualty $ 9,063 $ 258 $ 2,609 $ 6,712 3.8 % Accident and health 511 48 559 8.6 Earned premiums $ 9,574 $ 306 $ 2,609 $ 7,271 4.2 % Included in the direct and ceded earned premiums for the years ended December 31, 2015, 2014 and 2013 are $3.3 billion, $2.6 billion and $2.2 billion related to property business that is 100% reinsured under a significant third party captive program. The third party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure this property risk. CNA receives and retains a ceding commission. Accident and health premiums are from long duration contracts; property and casualty premiums are from short duration contracts. Insurance claims and policyholders’ benefits reported on the Consolidated Statements of Income are net of reinsurance recoveries of $2.6 billion, $1.4 billion and $1.5 billion for the years ended December 31, 2015, 2014 and 2013, including $2.3 billion, $1.5 billion and $712 million related to the significant third party captive program discussed above. Reinsurance recoveries in 2014 were unfavorably affected by the commutation of a workers’ compensation reinsurance pool. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Note 16. Quarterly Financial Data (Unaudited) 2015 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 (In millions, except per share data) Total revenues $ 3,333 $ 3,169 $ 3,435 $ 3,478 Net income (loss) (a) (201 ) 182 170 109 Per share-basic and diluted (0.58 ) 0.50 0.46 0.29 2014 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Total revenues $ 3,521 $ 3,523 $ 3,593 $ 3,688 Income from continuing operations 215 179 303 265 Per share-basic 0.58 0.47 0.79 0.68 Per share-diluted 0.57 0.47 0.79 0.68 Discontinued operations, net (7 ) 29 (187 ) (206 ) Per share-basic and diluted (0.02 ) 0.08 (0.49 ) (0.53 ) Net income 208 208 116 59 Per share-basic 0.56 0.55 0.30 0.15 Per share-diluted 0.55 0.55 0.30 0.15 The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. (a) Net loss for the fourth quarter of 2015 includes the impact of a $177 million charge related to recognition of a premium deficiency in CNA’s long term care business and a $182 million asset impairment charge at Diamond Offshore. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Note 17. Legal Proceedings The Company and its subsidiaries are parties to litigation arising in the ordinary course of business. The outcome of this litigation will not, in the opinion of management, materially affect the Company’s results of operations or equity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18. Commitments and Contingencies CNA Financial In the course of selling business entities and assets to third parties, CNA agreed to guarantee the performance of certain obligations of a previously owned subsidiary and to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets sold, including, in certain cases, losses arising from undisclosed liabilities or certain named litigation. Such guarantee and indemnification agreements in effect for sales of business entities, assets and third party loans may include provisions that survive indefinitely. As of December 31, 2015, the aggregate amount related to quantifiable guarantees was $375 million and the aggregate amount related to indemnification agreements was $260 million. Should CNA be required to make payments under the guarantee, it would have the right to seek reimbursement in certain cases from an affiliate of a previously owned subsidiary. In addition, CNA has agreed to provide indemnification to third-party purchasers for certain losses associated with sold business entities or assets that are not limited by a contractual monetary amount. As of December 31, 2015, CNA had outstanding unlimited indemnifications in connection with the sales of certain of its business entities or assets that included tax liabilities arising prior to a purchaser’s ownership of an entity or asset, defects in title at the time of sale, employee claims arising prior to closing and in some cases losses arising from certain litigation and undisclosed liabilities. Certain provisions of the indemnification agreements survive indefinitely, while others survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire. In the normal course of business, CNA also provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary, which are estimated to mature through 2120. The potential amount of future payments CNA could be required to pay under these guarantees was approximately $2.0 billion as of December 31, 2015. CNA does not believe a payable is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. Diamond Offshore In February of 2016, Diamond Offshore entered into a ten-year agreement with GE Oil & Gas (“GE”) to provide services with respect to certain blowout preventer and related well control equipment on its four newbuild drillships. Such services include management of maintenance, certification and reliability with respect to such equipment. In connection with the services agreement with GE, Diamond Offshore will sell the equipment to a GE affiliate for an aggregate $210 million and will lease back such equipment over separate ten-year operating leases. Diamond Offshore does not expect to realize any gain or loss on these sale and leaseback transactions. Future commitments for the full term under the services agreement and leases are estimated to aggregate approximately $650 million. Diamond Offshore is financially obligated under a contract with Hyundai Heavy Industries, Co. Ltd. (“Hyundai”) for the construction of a dynamically positioned, harsh environment semisubmersible drilling rig. The total cost of the rig including shipyard costs, capital spares, commissioning, project management and shipyard supervision is estimated to be $764 million. The remaining contractual payment of $440 million is due upon delivery of the rig, which is expected to occur in mid-2016. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 19. Discontinued Operations As discussed in Note 2, HighMount and the CAC business are classified and presented as discontinued operations. The Consolidated Statements of Income include discontinued operations of HighMount as follows: Year Ended December 31 2014 2013 (In millions) Revenues: Other revenue, primarily operating $ 150 $ 259 Total 150 259 Expenses: Impairment of goodwill 584 Other operating expenses Impairment of natural gas and oil properties 29 291 Operating 173 252 Interest 8 17 Total 210 1,144 Loss before income tax (60 ) (885 ) Income tax benefit 4 311 Results of discontinued operations, net of income tax (56 ) (574 ) Impairment loss, net of tax benefit of $62 (138 ) Loss from discontinued operations $ (194 ) $ (574 ) In 2014 and 2013, HighMount recorded ceiling test impairment charges of $29 million and $291 million ($19 million and $186 million after tax) related to the carrying value of its natural gas and oil properties. The 2014 write-down was primarily attributable to insufficient reserve additions from exploration activities due to variability in well performance where HighMount was testing different horizontal target zones and hydraulic fracture designs. The 2013 write-downs were primarily attributable to negative reserve revisions due to variability in well performance where HighMount was testing different horizontal target zones and hydraulic fracture designs and due to reduced average NGL prices used in the ceiling test calculations. Had the effects of HighMount’s cash flow hedges not been considered in calculating the ceiling limitation, the impairments would have been $29 million and $301 million ($18 million and $192 million after tax) for the years ended December 31, 2014 and 2013. Recognition of a ceiling test impairment charge was considered a triggering event for purposes of assessing any potential impairment of goodwill at HighMount under a two-step process. The first step compared HighMount’s estimated fair value to its carrying value. Due to the continued low market prices for natural gas and NGLs, the history of quarterly ceiling test write-downs during 2013 and the then potential for future impairments, and negative reserve revisions recognized during 2013, HighMount reassessed its goodwill impairment analysis. To determine fair value, HighMount used a market approach which required significant estimates and assumptions and utilized significant unobservable inputs, representing a Level 3 fair value measurement. These estimates and assumptions primarily included, but were not limited to, earnings before interest, tax, depreciation and amortization, production and reserves, control premium, discount rates and required capital expenditures. These valuation techniques were based on analysis of comparable public companies, adjusted for HighMount’s growth profile. In the first step, HighMount determined that its carrying value exceeded its fair value requiring HighMount to perform the second step and to estimate the fair value of its assets and liabilities. The carrying value of goodwill was limited to the amount that HighMount’s estimated fair value exceeded the fair value of assets and liabilities. As a result, HighMount recorded a goodwill impairment charge of $584 million ($382 million after tax) for the year ended December 31, 2013, consisting of all of its remaining goodwill. The Consolidated Statements of Income include discontinued operations of the CAC business as follows: Year Ended December 31 2014 2013 (In millions) Revenues: Net investment income $ 94 $ 168 Investment gains 3 11 Other revenues 2 Total 97 181 Expenses: Insurance claims and policyholders’ benefits 75 141 Other operating expenses 2 3 Total 77 144 Income before income tax 20 37 Income tax expense (6 ) (15 ) Results of discontinued operations, net of income tax 14 22 Loss on sale, net of tax benefit of $40 (211 ) Amounts attributable to noncontrolling interests 20 (2 ) Income (loss) from discontinued operations $ (177 ) $ 20 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | Note 20. Business Segments The Company’s reportable segments are primarily based on its individual operating subsidiaries. Each of the principal operating subsidiaries are headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. Investment gains (losses) and the related income taxes, excluding those of CNA, are included in the Corporate and other segment. CNA’s results are reported in four business segments: Specialty, Commercial, International and Other Non-Core. Specialty provides a broad array of professional, financial and specialty property and casualty products and services, through a network of independent agents, brokers and managing general underwriters. Commercial includes property and casualty coverages sold to small businesses and middle market entities and organizations primarily through an independent agency distribution system. Commercial also includes commercial insurance and risk management products sold to large corporations primarily through insurance brokers. International provides management and professional liability coverages as well as a broad range of other property and casualty insurance products and services abroad through a network of brokers, independent agencies and managing general underwriters, as well as the Lloyd’s of London marketplace. Other Non-Core primarily includes the results of CNA’s long term care business that is in run-off and also includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re and A&EP. Diamond Offshore owns and operates offshore drilling rigs that are chartered on a contract basis for fixed terms by companies engaged in exploration and production of hydrocarbons. Offshore rigs are mobile units that can be relocated based on market demand. Diamond Offshore’s fleet consists of 32 drilling rigs, including one newbuild rig which is under construction, and four jack-up rigs which are being marketed for sale. On December 31, 2015, Diamond Offshore’s drilling rigs were located offshore of seven countries in addition to the United States. Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas and NGLs and gathering and processing of natural gas. This segment consists of interstate natural gas pipeline systems originating in the Gulf Coast region, Oklahoma and Arkansas, and extending north and east through the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, natural gas storage facilities in four states and NGL pipelines and storage facilities in Louisiana and Texas, with approximately 14,525 miles of pipeline. Loews Hotels operates a chain of 24 hotels, 23 of which are in the United States and one of which is in Canada. The Corporate and other segment consists primarily of corporate investment income, corporate interest expense and other unallocated expenses. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1. In addition, CNA does not maintain a distinct investment portfolio for every insurance segment, and accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of net investment income and investment gains (losses) are allocated based on each segment’s carried insurance reserves, as adjusted. The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: Year Ended December 31 2015 2014 2013 (In millions) Revenues (a): CNA Financial: Property and Casualty: Specialty $ 3,579 $ 3,708 $ 3,676 Commercial 3,371 3,683 3,984 International 856 973 981 Other Non-Core 1,295 1,328 1,291 Total CNA Financial 9,101 9,692 9,932 Diamond Offshore 2,428 2,825 2,926 Boardwalk Pipeline 1,254 1,236 1,232 Loews Hotels 604 475 380 Corporate and other 28 97 143 Total $ 13,415 $ 14,325 $ 14,613 Year Ended December 31 2015 2014 2013 (In millions) Income (loss) before income tax and noncontrolling interests (a)(b): CNA Financial: Property and Casualty: Specialty $ 810 $ 967 $ 1,005 Commercial 514 477 662 International 59 102 117 Other Non-Core (830 ) (331 ) (501 ) Total CNA Financial 553 1,215 1,283 Diamond Offshore (402 ) 514 774 Boardwalk Pipeline 227 140 241 Loews Hotels 28 21 (4 ) Corporate and other (162 ) (80 ) (17 ) Total $ 244 $ 1,810 $ 2,277 Net income (loss) (a)(b): CNA Financial: Property and Casualty: Specialty $ 483 $ 578 $ 598 Commercial 303 285 394 International 34 62 65 Other Non-Core (387 ) (123 ) (230 ) Total CNA Financial 433 802 827 Diamond Offshore (156 ) 183 257 Boardwalk Pipeline 74 18 78 Loews Hotels 12 11 (3 ) Corporate and other (103 ) (52 ) (10 ) Income from continuing operations 260 962 1,149 Discontinued operations, net (371 ) (554 ) Total $ 260 $ 591 $ 595 (a) Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: Year Ended December 31 2015 2014 2013 Revenues and Income (loss) before income tax and noncontrolling interests: CNA Financial: Property and Casualty: Specialty $ (33 ) $ 15 $ (5 ) Commercial (47 ) 16 (15 ) International 1 (1 ) 5 Other Non-Core 8 24 31 Total $ (71 ) $ 54 $ 16 Net income (loss): CNA Financial: Property and Casualty: Specialty $ (19 ) $ 9 $ (2 ) Commercial (28 ) 9 (9 ) International 1 (1 ) 3 Other Non-Core 12 15 18 Total $ (34 ) $ 32 $ 10 (b) Income taxes and interest expense are as follows: Year Ended December 31 2015 2014 2013 Income Interest Income Interest Income Interest Taxes Expense Taxes Expense Taxes Expense CNA Financial: Property and Casualty: Specialty $ 271 $ 324 $ 340 Commercial 175 159 223 International 22 $ 1 34 $ 1 45 $ 1 Other Non-Core (397 ) 154 (195 ) 182 (245 ) 165 Total CNA Financial 71 155 322 183 363 166 Diamond Offshore (117 ) 94 142 62 245 25 Boardwalk Pipeline 46 176 11 165 56 163 Loews Hotels 16 21 10 14 (1 ) 9 Corporate and other (59 ) 74 (28 ) 74 (7 ) 62 Total $ (43 ) $ 520 $ 457 $ 498 $ 656 $ 425 |
Consolidating Financial Informa
Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Consolidating Financial Information | Note 21. Consolidating Financial Information The following schedules present the Company’s consolidating balance sheet information at December 31, 2015 and 2014, and consolidating statements of income information for the years ended December 31, 2015, 2014 and 2013. These schedules present the individual subsidiaries of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. In addition, many of the Company’s subsidiaries use a classified balance sheet which also leads to differences in amounts reported for certain line items. The Corporate and other column primarily reflects the parent company’s investment in its subsidiaries, invested cash portfolio and corporate long term debt. The elimination adjustments are for intercompany assets and liabilities, interest and dividends, the parent company’s investment in capital stocks of subsidiaries, and various reclasses of debit or credit balances to the amounts in consolidation. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. Loews Corporation Consolidating Balance Sheet Information December 31, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 44,699 $ 117 $ 81 $ 4,503 $ 49,400 Cash 387 13 $ 4 12 24 440 Receivables 7,384 409 93 35 96 $ 24 8,041 Property, plant and equipment 333 6,382 7,712 1,003 47 15,477 Deferred income taxes 662 3 68 (733 ) - Goodwill 114 237 351 Investments in capital stocks of subsidiaries 15,129 (15,129 ) - Other assets 850 235 330 288 19 1,722 Deferred acquisition costs of insurance subsidiaries 598 598 Total assets $ 55,027 $ 7,156 $ 8,376 $ 1,422 $ 19,867 $ (15,819 ) $ 76,029 Liabilities and Equity: Insurance reserves $ 36,486 $ 36,486 Payable to brokers 358 $ 209 567 Short term debt 351 $ 287 $ 2 400 1,040 Long term debt 2,215 1,982 $ 3,469 596 1,281 9,543 Deferred income taxes 5 276 766 47 $ (712 ) 382 Other liabilities 3,883 496 510 70 220 22 5,201 Total liabilities 43,298 3,041 4,745 715 2,110 (690 ) 53,219 Total shareholders’ equity 10,516 2,195 1,517 705 17,757 (15,129 ) 17,561 Noncontrolling interests 1,213 1,920 2,114 2 5,249 Total equity 11,729 4,115 3,631 707 17,757 (15,129 ) 22,810 Total liabilities and equity $ 55,027 $ 7,156 $ 8,376 $ 1,422 $ 19,867 $ (15,819 ) $ 76,029 Loews Corporation Consolidating Balance Sheet Information December 31, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 46,262 $ 234 $ 75 $ 5,461 $ 52,032 Cash 190 16 $ 8 9 141 364 Receivables 7,097 490 128 29 82 $ (56 ) 7,770 Property, plant and equipment 280 6,949 7,649 671 62 15,611 Deferred income taxes 222 2 374 (598 ) - Goodwill 117 20 237 374 Investments in capital stocks of subsidiaries 15,974 (15,974 ) - Other assets 778 307 304 206 7 14 1,616 Deferred acquisition costs of insurance subsidiaries 600 600 Total assets $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614 ) $ 78,367 Liabilities and Equity: Insurance reserves $ 36,380 $ 36,380 Payable to brokers 117 $ 5 $ 551 673 Short term debt 250 $ 85 335 Long term debt 2,561 1,981 $ 3,690 421 1,680 10,333 Deferred income taxes 11 514 732 36 $ (400 ) 893 Other liabilities 3,713 792 400 17 421 (240 ) 5,103 Total liabilities 42,782 3,542 4,822 559 2,652 (640 ) 53,717 Total shareholders’ equity 11,457 2,359 1,558 431 19,449 (15,974 ) 19,280 Noncontrolling interests 1,307 2,115 1,946 2 5,370 Total equity 12,764 4,474 3,504 433 19,449 (15,974 ) 24,650 Total liabilities and equity $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614 ) $ 78,367 Loews Corporation Consolidating Statement of Income Information Year Ended December 31, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 6,921 $ 6,921 Net investment income 1,840 $ 3 $ 1 $ 22 1,866 Intercompany interest and dividends 816 $ (816 ) - Investment losses (71 ) (71 ) Contract drilling revenues 2,360 2,360 Other revenues 411 65 1,253 $ 604 6 2,339 Total 9,101 2,428 1,254 604 844 (816 ) 13,415 Expenses: Insurance claims and policyholders’ benefits 5,384 5,384 Amortization of deferred acquisition costs 1,540 1,540 Contract drilling expenses 1,228 1,228 Other operating expenses 1,469 1,508 851 555 116 4,499 Interest 155 94 176 21 74 520 Total 8,548 2,830 1,027 576 190 - 13,171 Income (loss) before income tax 553 (402 ) 227 28 654 (816 ) 244 Income tax (expense) benefit (71 ) 117 (46 ) (16 ) 59 43 Net income (loss) 482 (285 ) 181 12 713 (816 ) 287 Amounts attributable to noncontrolling interests (49 ) 129 (107 ) (27 ) Net income (loss) attributable to Loews Corporation $ 433 $ (156 ) $ 74 $ 12 $ 713 $ (816 ) $ 260 Loews Corporation Consolidating Statement of Income Information Year Ended December 31, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 7,212 $ 7,212 Net investment income 2,067 $ 1 $ 1 $ 94 2,163 Intercompany interest and dividends 782 $ (782 ) - Investment gains 54 54 Contract drilling revenues 2,737 2,737 Other revenues 359 87 1,235 $ 475 3 2,159 Total 9,692 2,825 1,236 475 879 (782 ) 14,325 Expenses: Insurance claims and policyholders’ benefits 5,591 5,591 Amortization of deferred acquisition costs 1,317 1,317 Contract drilling expenses 1,524 1,524 Other operating expenses 1,386 725 931 440 103 3,585 Interest 183 62 165 14 74 498 Total 8,477 2,311 1,096 454 177 - 12,515 Income before income tax 1,215 514 140 21 702 (782 ) 1,810 Income tax (expense) benefit (322 ) (142 ) (11 ) (10 ) 28 (457 ) Income from continuing operations 893 372 129 11 730 (782 ) 1,353 Discontinued operations, net (197 ) (194 ) (391 ) Net income 696 372 129 11 536 (782 ) 962 Amounts attributable to noncontrolling interests (71 ) (189 ) (111 ) (371 ) Net income attributable to Loews Corporation $ 625 $ 183 $ 18 $ 11 $ 536 $ (782 ) $ 591 Loews Corporation Consolidating Statement of Income Information Year Ended December 31, 2013 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 7,271 $ 7,271 Net investment income 2,282 $ 1 $ 1 $ 141 2,425 Intercompany interest and dividends 736 $ (736 ) - Investment gains 16 16 Contract drilling revenues 2,844 2,844 Other revenues 363 81 1,231 $ 380 2 2,057 Total 9,932 2,926 1,232 380 879 (736 ) 14,613 Expenses: Insurance claims and policyholders’ benefits 5,806 5,806 Amortization of deferred acquisition costs 1,362 1,362 Contract drilling expenses 1,573 1,573 Other operating expenses 1,315 554 828 375 98 3,170 Interest 166 25 163 9 62 425 Total 8,649 2,152 991 384 160 - 12,336 Income (loss) before income tax 1,283 774 241 (4 ) 719 (736 ) 2,277 Income tax (expense) benefit (363 ) (245 ) (56 ) 1 7 (656 ) Income (loss) from continuing operations 920 529 185 (3 ) 726 (736 ) 1,621 Discontinued operations, net 22 (574 ) (552 ) Net income (loss) 942 529 185 (3 ) 152 (736 ) 1,069 Amounts attributable to noncontrolling interests (95 ) (272 ) (107 ) (474 ) Net income (loss) attributable to Loews Corporation $ 847 $ 257 $ 78 $ (3 ) $ 152 $ (736 ) $ 595 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | Condensed Financial Information of Registrant LOEWS CORPORATION BALANCE SHEETS ASSETS December 31 2015 2014 (In millions) Current assets, principally investment in short term instruments $ 2,888 $ 3,959 Investments in securities 1,487 1,439 Investments in capital stocks of subsidiaries, at equity 15,129 15,974 Other assets 99 585 Total assets $ 19,603 $ 21,957 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities $ 260 $ 618 Short term debt 400 Long term debt 1,281 1,680 Deferred income tax and other 101 379 Total liabilities 2,042 2,677 Shareholders’ equity 17,561 19,280 Total liabilities and shareholders’ equity $ 19,603 $ 21,957 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) Year Ended December 31 2015 2014 2013 (In millions) Revenues: Equity in income of subsidiaries (a) $ 302 $ 1,034 $ 1,218 Interest and other 74 92 83 Total 376 1,126 1,301 Expenses: Administrative 108 97 91 Interest 74 74 62 Total 182 171 153 Income before income tax 194 955 1,148 Income tax benefit 66 7 1 Income from continuing operations 260 962 1,149 Discontinued operations, net (371 ) (554) Net income 260 591 595 Equity in other comprehensive loss of subsidiaries (638 ) (59 ) (341) Total comprehensive income (loss) $ (378 ) $ 532 $ 254 SCHEDULE I (Continued) Condensed Financial Information of Registrant LOEWS CORPORATION STATEMENTS OF CASH FLOWS Year Ended December 31 2015 2014 2013 (In millions) Operating Activities: Net income $ 260 $ 591 $ 595 Adjustments to reconcile net income to net cash provided (used) by operating activities: Equity method investees 488 95 58 Provision for deferred income taxes 113 (62 ) (376) Changes in operating assets and liabilities, net: Receivables (6 ) (2 ) (1) Accounts payable and accrued liabilities 71 200 511 Trading securities 718 (269 ) (787) Other, net (8 ) (23 ) (59) 1,636 530 (59) Investing Activities: Investments in and advances to subsidiaries (285 ) 130 (669) Change in investments, primarily short term 7 111 Other (4 ) (2 ) (3) (289 ) 135 (561) Financing Activities: Dividends paid (90 ) (95 ) (97) Issuance of common stock 7 6 5 Purchases of treasury shares (1,265 ) (622 ) (228) Issuance of debt 983 Other 1 2 1 (1,347 ) (709 ) 664 Net change in cash - (44 ) 44 Cash, beginning of year 44 Cash, end of year $ - $ - $ 44 (a) Cash dividends paid to the Company by affiliates amounted to $816, $782 and $736 for the years ended December 31, 2015, 2014 and 2013. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II LOEWS CORPORATION AND SUBSIDIARIES Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Additions Description Balance at Charged to Charged to Other Deductions Balance at (In millions) For the Year Ended December 31, 2015 Deducted from assets: Allowance for doubtful accounts $ 117 $ - $ - $ 21 $ 96 Total $ 117 $ - $ - $ 21 $ 96 For the Year Ended December 31, 2014 Deducted from assets: Allowance for doubtful accounts $ 329 $ - $ - $ 212 $ 117 Total $ 329 $ - $ - $ 212 $ 117 For the Year Ended December 31, 2013 Deducted from assets: Allowance for doubtful accounts $ 213 $ 23 $ 140 $ 47 $ 329 Total $ 213 $ 23 $ 140 $ 47 $ 329 |
Schedule V - Supplemental Infor
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | SCHEDULE V LOEWS CORPORATION AND SUBSIDIARIES Supplemental Information Concerning Property and Casualty Insurance Operations Consolidated Property and Casualty Operations December 31 2015 2014 (In millions) Deferred acquisition costs $ 598 $ 600 Reserves for unpaid claim and claim adjustment expenses 22,663 23,271 Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%) 1,534 1,578 Unearned premiums 3,671 3,592 Year Ended December 31 2015 2014 2013 (In millions) Net written premiums $ 6,962 $ 7,088 $ 7,348 Net earned premiums 6,921 7,212 7,271 Net investment income 1,807 2,031 2,240 Incurred claim and claim adjustment expenses related to current year 4,934 5,043 5,113 Incurred claim and claim adjustment expenses related to prior years (255) (39) (115) Amortization of deferred acquisition costs 1,540 1,317 1,362 Paid claim and claim adjustment expenses 4,945 5,297 5,566 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation – Loews segments are CNA Financial, including Specialty, Commercial, International and Other Non-Core; Diamond Offshore; Boardwalk Pipeline; Loews Hotels; and Corporate and other. See Note 20 for additional information on segments. |
Principles of consolidation | Principles of consolidation |
Accounting estimates | Accounting estimates |
Investments | Investments The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Income. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield. This represents a change from prior reporting periods as previously the amortization of premiums was to maturity. This change in estimate, effected by a change in accounting principle, will result in a better reflection of the yield on fixed maturity securities with call provisions. This change, which was adopted in the fourth quarter of 2015, decreased Net investment income and the amortized cost of fixed maturity securities by $39 million in the Consolidated Statements of Income for the year ended December 31, 2015 and the Consolidated Balance Sheet as of December 31, 2015. This adjustment decreased basic and diluted net income per share by $0.06 for the year ended December 31, 2015. To the extent that unrealized gains on fixed income securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related decrease in Deferred acquisition costs and/or increase in Insurance reserves are recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $159 million (after tax and noncontrolling interests) and increased $679 million (after tax and noncontrolling interests) for the years ended December 31, 2015 and 2014. As of December 31, 2015 and 2014, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by $996 million and $1.2 billion (after tax and noncontrolling interests). For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The amortized cost of high credit quality fixed rate securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the securities. Such adjustments are reflected in Net investment income on the Consolidated Statements of Income. Interest income on lower rated and variable rate securities is determined using the prospective yield method. The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the General Partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument. A security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and previously recorded other-than-temporary impairment (“OTTI”) losses, otherwise defined as an unrealized loss. When a security is impaired, the impairment is evaluated to determine whether it is temporary or other-than-temporary. Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss. CNA has established a committee responsible for the OTTI process referred to as the Impairment Committee. The Impairment Committee is responsible for evaluating all securities in an unrealized loss position on at least a quarterly basis. The Impairment Committee’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered by the Impairment Committee include: (i) the financial condition and near term and long term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit component, is recognized as OTTI in Other comprehensive income. In subsequent reporting periods, a change in intent to sell or further credit impairment on a security whose fair value has not deteriorated will cause the non-credit component originally recorded as OTTI in Other comprehensive income to be recognized as an OTTI loss in earnings. CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. CNA applies the same impairment model as described above for the majority of non-redeemable preferred stock securities on the basis that these securities possess characteristics similar to debt securities and that the issuers maintain their ability to pay dividends. For all other equity securities, in determining whether the security is other-than-temporarily impaired, the Impairment Committee considers a number of factors including, but not limited to: (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near term prospects of the issuer, (iii) the intent and ability of CNA to retain its investment for a period of time sufficient to allow for an anticipated recovery in value and (iv) general market conditions and industry or sector specific outlook. |
Joint venture investments | Joint venture investments The following tables present summarized financial information for these joint ventures: Year Ended December 31 2015 2014 (In millions) Total assets $ 1,577 $ 1,231 Total liabilities 1,231 1,025 Year Ended December 31 2015 2014 2013 Revenues $ 606 $ 491 $ 349 Net income 71 32 7 |
Hedging | Hedging |
Securities lending activities | Securities lending activities Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was [no collateral] held at December 31, 2015 and 2014. |
Revenue recognition | Revenue recognition Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. That allowance is determined based on periodic evaluations of aged receivables, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Contract drilling revenue from dayrate drilling contracts is recognized as services are performed. In connection with such drilling contracts, Diamond Offshore may receive fees (either lump-sum or dayrate) for the mobilization of equipment. These fees are earned as services are performed over the initial term of the related drilling contracts. Absent a contract, mobilization costs are recognized currently. From time to time, Diamond Offshore may receive fees from its customers for capital improvements to their rigs. Diamond Offshore defers such fees received and recognizes these fees into revenue on a straight-line basis over the period of the related drilling contract. Diamond Offshore capitalizes the costs of such capital improvements and depreciates them over the estimated useful life of the improvement. Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related transported and stored volumes. The majority of Boardwalk Pipeline’s operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and, accordingly, certain revenues collected may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. |
Claim and claim adjustment expense reserves | Claim and claim adjustment expense reserves Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.2 billion and $1.4 billion as of December 31, 2015 and 2014. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 5.5% to 8.0% at December 31, 2015 and 2014. At December 31, 2015 and 2014, the discounted reserves for unfunded structured settlements were $560 million and $582 million, net of discount of $880 million and $924 million. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. Accident and health claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Workers’ compensation lifetime claim reserves and accident and health claim reserves are discounted at interest rates ranging from 3.5% to 6.8% at December 31, 2015 and 2014. At December 31, 2015 and 2014, such discounted reserves totaled $2.6 billion and $2.5 billion, net of discount of $653 million and $654 million. |
Future policy benefits reserves | Future policy benefits reserves |
Guaranty fund and other insurance-related assessments | Guaranty fund and other insurance-related assessments |
Reinsurance | Reinsurance Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, management’s experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 4% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables related to paid losses from insolvent insurers are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $3 million recorded as deposit assets at December 31, 2015 and 2014, and $8 million and $9 million recorded as deposit liabilities as of December 31, 2015 and 2014. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In the period in which an excess arises, a portion of the deferred gain is cumulatively recognized in earnings as if the revised estimate was available at the inception date of the loss portfolio transfer. |
Deferred acquisition costs | Deferred acquisition costs Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. As noted under Future policy benefit reserves, all of the long term care deferred acquisition costs of $289 million were written off as of December 31, 2015 in recognition of a premium deficiency. Deferred acquisition costs related to long term care contracts are amortized over the premium-paying period of the related policies using assumptions consistent with those used for computing future policy benefit reserves for such contracts. Assumptions are made at the date of policy issuance or acquisition and are consistently applied during the lives of the contracts. Deviations from estimated experience are included in results of operations when they occur. For these contracts, the amortization period is typically the estimated life of the policy. CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs. Unamortized deferred acquisition costs relating to contracts that have been substantially changed by a modification in benefits, features, rights or coverages that were not anticipated in the original contract are not deferred and are included as a charge to operations in the period during which the contract modification occurred. |
Investments in life settlement contracts and related revenue recognition | Investments in life settlement contracts and related revenue recognition CNA accounts for its investments in life settlement contracts using the fair value method. Under the fair value method, each life settlement contract is carried at its fair value at the end of each reporting period. The change in fair value, life insurance proceeds received and periodic maintenance costs, such as premiums, necessary to keep the underlying policy in force, are recorded in Other revenues on the Consolidated Statements of Income. The fair value of CNA’s investments in life settlement contracts were $74 million and $82 million at December 31, 2015 and 2014, and are included in Other assets on the Consolidated Balance Sheets. The cash receipts and payments related to life settlement contracts are included in Cash flows from operating activities on the Consolidated Statements of Cash Flows. The following table details the values for life settlement contracts. The determination of fair value is discussed in Note 4. Number of Life Fair Value of Life Face Amount of (Dollar amounts in millions) Estimated maturity during: 2016 60 $ 11 $ 35 2017 60 10 31 2018 50 8 27 2019 40 6 24 2020 40 5 21 Thereafter 300 34 167 Total 550 $ 74 $ 305 CNA uses an actuarial model to estimate the aggregate face amount of life insurance that is expected to mature in each future year and the corresponding fair value. This model projects the likelihood of the insured’s death for each inforce policy based upon CNA’s estimated mortality rates, which may vary due to the relatively small size of the portfolio of life settlement contracts. The number of life settlement contracts presented in the table above is based upon the average face amount of inforce policies estimated to mature in each future year. The increase (decrease) in fair value recognized for the years ended December 31, 2015, 2014 and 2013 on contracts still held was $1 million, $8 million and $(2) million. The gains recognized during the years ended December 31, 2015, 2014 and 2013 on contracts that settled were $24 million, $25 million and $15 million. |
Goodwill | Goodwill |
Property, plant and equipment | Property, plant and equipment The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 |
Impairment of long-lived assets | Impairment of long-lived assets |
Income taxes | Income taxes – The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 10 for additional information on the provision for income taxes. |
Pension and postretirement benefits | Pension and postretirement benefits |
Stock based compensation | Stock based compensation The Company recognized compensation expense that decreased net income by $14 million, $12 million and $11 million for the years ended December 31, 2015, 2014 and 2013. Several of the Company’s subsidiaries also maintain their own stock option plans. The amounts reported above include the Company’s share of expense related to its subsidiaries’ plans. |
Net income per share | Net income per share For each of the years ended December 31, 2015, 2014 and 2013, approximately 0.3 million, 0.6 million and 0.9 million potential shares attributable to exercises under the Loews Corporation Stock Option Plan were included in the calculation of diluted net income per share. For those same periods, approximately 4.8 million, 2.3 million and 1.5 million Stock Appreciation Rights (“SARs”) were not included in the calculation of diluted net income per share due to the exercise price being greater than the average stock price. |
Foreign currency | Foreign currency |
Regulatory accounting | Regulatory accounting |
Supplementary cash flow information | Supplementary cash flow information |
Updated accounting guidance not yet adopted | Updated accounting guidance not yet adopted – In May of 2015, the FASB issued ASU 2015-09, “Financial Services-Insurance (Topic 944): Disclosures about Short-Duration Contracts.” The updated accounting guidance requires enhanced disclosures to provide additional information about insurance liabilities for short-duration contracts. The updated guidance is effective for annual reporting periods beginning after December 15, 2015 and for interim periods beginning after December 15, 2016. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In January of 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The updated accounting guidance requires changes to the reporting model for financial instruments. The primary change for the Company is expected to be the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The updated guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Financial Information for Joint Ventures | The following tables present summarized financial information for these joint ventures: Year Ended December 31 2015 2014 (In millions) Total assets $ 1,577 $ 1,231 Total liabilities 1,231 1,025 Year Ended December 31 2015 2014 2013 Revenues $ 606 $ 491 $ 349 Net income 71 32 7 |
Schedule of Life Settlement Contracts Fair Value Method | The following table details the values for life settlement contracts. The determination of fair value is discussed in Note 4. Number of Life Fair Value of Life Face Amount of (Dollar amounts in millions) Estimated maturity during: 2016 60 $ 11 $ 35 2017 60 10 31 2018 50 8 27 2019 40 6 24 2020 40 5 21 Thereafter 300 34 167 Total 550 $ 74 $ 305 |
Principal Service Lives | The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Net Investment Income and Investment Gains (Losses) | Net investment income is as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities $ 1,751 $ 1,803 $ 1,827 Limited partnership investments 119 304 519 Short term investments 11 4 5 Equity securities 12 12 12 Income from trading portfolio (a) 2 64 90 Other 34 34 25 Total investment income 1,929 2,221 2,478 Investment expenses (63 ) (58 ) (53 ) Net investment income $ 1,866 $ 2,163 $ 2,425 (a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(46), $42 and $(2) for the years ended December 31, 2015, 2014 and 2013. Investment gains (losses) are as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities $ (66 ) $ 41 $ 41 Equity securities (23 ) 1 (22 ) Derivative instruments 10 (1 ) (9 ) Short term investments and other 8 13 6 Investment gains (losses) (a) $ (71 ) $ 54 $ 16 (a) Includes gross realized gains of $133, $178 and $198 and gross realized losses of $222, $136 and $179 on available-for-sale securities for the years ended December 31, 2015, 2014 and 2013. |
Schedule of Net Change in Unrealized Gains (Losses) on Available-for-Sale Investments | Net change in unrealized gains (losses) on available-for-sale investments is as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities $ (1,114 ) $ 1,511 $ (2,541 ) Equity securities (6 ) 6 (15 ) Other 1 Total net change in unrealized gains (losses) on available-for-sale investments $ (1,119 ) $ 1,517 $ (2,556 ) |
Components of OTTI Losses Recognized in Earnings by Asset Type | The components of OTTI losses recognized in earnings by asset type are as follows: Year Ended December 31 2015 2014 2013 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 104 $ 18 $ 20 States, municipalities and political subdivisions 18 46 Asset-backed: Residential mortgage-backed 8 5 19 Other asset-backed 1 1 2 Total asset-backed 9 6 21 Total fixed maturities available-for-sale 131 70 41 Equity securities available-for-sale: Common stock 25 7 8 Preferred stock 26 Total equity securities available-for-sale 25 7 34 Short term investments 1 Net OTTI losses recognized in earnings $ 156 $ 77 $ 76 |
Amortized Cost and Fair Values of Securities | The amortized cost and fair values of securities are as follows: December 31, 2015 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,097 $ 1,019 $ 347 $ 17,769 States, municipalities and political subdivisions 11,729 1,453 8 13,174 $ (4 ) Asset-backed: Residential mortgage-backed 4,935 154 17 5,072 (37 ) Commercial mortgage-backed 2,154 55 12 2,197 Other asset-backed 923 6 8 921 Total asset-backed 8,012 215 37 8,190 (37 ) U.S. Treasury and obligations of government- sponsored enterprises 62 5 67 Foreign government 334 13 1 346 Redeemable preferred stock 33 2 35 Fixed maturities available-for-sale 37,267 2,707 393 39,581 (41 ) Fixed maturities, trading 140 20 120 Total fixed maturities 37,407 2,707 413 39,701 (41 ) Equity securities: Common stock 46 3 1 48 Preferred stock 145 7 3 149 Equity securities available-for-sale 191 10 4 197 - Equity securities, trading 633 56 134 555 Total equity securities 824 66 138 752 - Total $ 38,231 $ 2,773 $ 551 $ 40,453 $ (41 ) December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 17,226 $ 1,721 $ 61 $ 18,886 States, municipalities and political subdivisions 11,285 1,463 8 12,740 Asset-backed: Residential mortgage-backed 5,028 218 13 5,233 $ (53 ) Commercial mortgage-backed 2,056 93 5 2,144 (2 ) Other asset-backed 1,234 11 10 1,235 Total asset-backed 8,318 322 28 8,612 (55 ) U.S. Treasury and obligations of government-sponsored enterprises 26 5 31 Foreign government 438 16 454 Redeemable preferred stock 39 3 42 Fixed maturities available-for-sale 37,332 3,530 97 40,765 (55 ) Fixed maturities, trading 137 17 120 Total fixed maturities 37,469 3,530 114 40,885 (55 ) Equity securities: Common stock 38 9 47 Preferred stock 172 5 2 175 Equity securities available-for-sale 210 14 2 222 - Equity securities, trading 523 96 113 506 Total equity securities 733 110 115 728 - Total $ 38,202 $ 3,640 $ 229 $ 41,613 $ (55 ) |
Securities Available-for-Sale in Gross Unrealized Loss Position | The available-for-sale securities in a gross unrealized loss position are as follows: Less than 12 Months 12 Months or Longer Total December 31, 2015 Estimated Fair Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 4,882 $ 302 $ 174 $ 45 $ 5,056 $ 347 States, municipalities and political subdivisions 338 8 75 413 8 Asset-backed: Residential mortgage-backed 963 9 164 8 1,127 17 Commercial mortgage-backed 652 10 96 2 748 12 Other asset-backed 552 8 5 557 8 Total asset-backed 2,167 27 265 10 2,432 37 U.S. Treasury and obligations of government- sponsored enterprises 4 4 Foreign government 54 1 54 1 Redeemable preferred stock 3 3 Total fixed maturity securities 7,448 338 514 55 7,962 393 Common stock 3 1 3 1 Preferred stock 13 3 13 3 Total $ 7,464 $ 342 $ 514 $ 55 $ 7,978 $ 397 December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 1,330 $ 46 $ 277 $ 15 $ 1,607 $ 61 States, municipalities and political subdivisions 335 5 127 3 462 8 Asset-backed: Residential mortgage-backed 293 5 189 8 482 13 Commercial mortgage-backed 264 2 99 3 363 5 Other asset-backed 607 10 7 614 10 Total asset-backed 1,164 17 295 11 1,459 28 U.S. Treasury and obligations of government- sponsored enterprises 3 4 7 Foreign government 3 3 6 Redeemable preferred stock 3 3 Total fixed maturity securities 2,838 68 706 29 3,544 97 Preferred stock 17 2 1 18 2 Total $ 2,855 $ 70 $ 707 $ 29 $ 3,562 $ 99 |
Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities | The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at December 31, 2015, 2014 and 2013 for which a portion of an OTTI loss was recognized in Other comprehensive income. Year Ended December 31 2015 2014 2013 (In millions) Beginning balance of credit losses on fixed maturity securities $ 62 $ 74 $ 95 Additional credit losses for securities for which an OTTI loss was previously recognized 2 Reductions for securities sold during the period (9 ) (9 ) (23 ) Reductions for securities the Company intends to sell or more likely than not will be required to sell (3 ) Ending balance of credit losses on fixed maturity securities $ 53 $ 62 $ 74 |
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity. December 31 2015 2014 Cost or Cost or Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (In millions) Due in one year or less $ 1,574 $ 1,595 $ 2,479 $ 2,511 Due after one year through five years 7,738 8,082 9,070 9,621 Due after five years through ten years 14,652 14,915 12,055 12,584 Due after ten years 13,303 14,989 13,728 16,049 Total $ 37,267 $ 39,581 $ 37,332 $ 40,765 |
Summary of Aggregate Contractual or Notional Amount and Estimated Fair Value Related to Derivative Financial Instruments | The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2015 2014 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Foreign exchange: Currency forwards – short $ 70 $ (5 ) Without hedge designation: Equity markets: Options – purchased $ 501 $ 16 544 $ 24 – written 614 $ (28 ) 292 (21 ) Futures – long 312 (1 ) Futures – short 130 2 Interest rate risk: Futures – long 63 Foreign exchange: Currency forwards – long 133 2 109 (3 ) – short 152 88 2 Currency options – long 550 7 151 7 Embedded derivative on funds withheld liability 179 5 184 (3 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below: December 31, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 17,601 $ 168 $ 17,769 States, municipalities and political subdivisions 13,172 2 13,174 Asset-backed: Residential mortgage-backed 4,938 134 5,072 Commercial mortgage-backed 2,175 22 2,197 Other asset-backed 868 53 921 Total asset-backed 7,981 209 8,190 U.S. Treasury and obligations of government-sponsored enterprises $ 66 1 67 Foreign government 346 346 Redeemable preferred stock 35 35 Fixed maturities available-for-sale 101 39,101 379 39,581 Fixed maturities trading 35 85 120 Total fixed maturities $ 101 $ 39,136 $ 464 $ 39,701 Equity securities available-for-sale $ 177 $ 20 $ 197 Equity securities trading 554 1 555 Total equity securities $ 731 $ - $ 21 $ 752 Short term investments $ 3,600 $ 1,134 $ 4,734 Other invested assets 102 44 146 Receivables 9 $ 3 12 Life settlement contracts 74 74 Payable to brokers (196 ) (196) December 31, 2014 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 32 $ 18,692 $ 162 $ 18,886 States, municipalities and political subdivisions 12,646 94 12,740 Asset-backed: Residential mortgage-backed 5,044 189 5,233 Commercial mortgage-backed 2,061 83 2,144 Other asset-backed 580 655 1,235 Total asset-backed 7,685 927 8,612 U.S. Treasury and obligations of government-sponsored enterprises 28 3 31 Foreign government 41 413 454 Redeemable preferred stock 30 12 42 Fixed maturities available-for-sale 131 39,451 1,183 40,765 Fixed maturities trading 30 90 120 Total fixed maturities $ 131 $ 39,481 $ 1,273 $ 40,885 Equity securities available-for-sale $ 145 $ 61 $ 16 $ 222 Equity securities trading 505 1 506 Total equity securities $ 650 $ 61 $ 17 $ 728 Short term investments $ 4,989 $ 963 $ 5,952 Other invested assets 102 41 143 Receivables 2 7 9 Life settlement contracts $ 82 82 Payable to brokers (546 ) (6 ) (552 ) |
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014: Unrealized Gains (Losses) Recognized in Net Realized Gains Net Income (Losses) and Net Change on Level in Unrealized Gains 3 Assets and (Losses) Transfers Transfers Liabilities Balance, Included in Included in into out of Balance, Held at 2015 January 1 Net Income OCI Purchases Sales Settlements Level 3 Level 3 December 31 December 31 (In millions) Fixed maturity securities: Corporate and other bonds $ 162 $ (2) $ (3) $ 65 $ (13) $ (35) $ 40 $ (46) $ 168 $ (2) States, municipalities and political subdivisions 94 1 (10) (83) 2 Asset-backed: Residential mortgage-backed 189 5 (3) 81 (35) 14 (117) 134 Commercial mortgage-backed 83 7 (4) 23 (17) 17 (87) 22 Other asset-backed 655 3 3 130 (263) (52) 7 (430) 53 Total asset-backed 927 15 (4) 234 (263) (104) 38 (634) 209 - Fixed maturities available-for-sale 1,183 14 (7) 299 (276) (149) 78 (763) 379 (2) Fixed maturities trading 90 (3) (2) 85 (3) Total fixed maturities $ 1,273 $ 11 $ (7) $ 299 $ (278) $ (149) $ 78 $ (763) $ 464 $ (5) Equity securities available-for-sale $ 16 $ (1) $ 4 $ 1 $ 20 Equity securities trading 1 $ 1 1 $ (2) 1 $ 1 Total equity securities $ 17 $ 1 $ (1) $ 5 $ (2) $ - $ 1 $ - $ 21 $ 1 Life settlement contracts $ 82 $ 25 $ (33) $ 74 $ 1 Derivative financial instruments, net $ 3 3 Unrealized Gains (Losses) Recognized in Net Realized Gains Net Income (Losses) and Net Change on Level in Unrealized Gains 3 Assets and (Losses) Transfers Transfers Liabilities Balance, Included in Included in into out of Balance, Held at 2014 January 1 Net Income OCI Purchases Sales Settlements Level 3 Level 3 December 31 December 31 (In millions) Fixed maturity securities: Corporate and other bonds $ 204 $ 2 $ (1 ) $ 33 $ (23 ) $ (16 ) $ 18 $ (55 ) $ 162 States, municipalities and political subdivisions 71 1 4 14 (10 ) 14 94 Asset-backed: Residential mortgage-backed 331 (21 ) 61 94 (174 ) (72 ) 32 (62 ) 189 Commercial mortgage-backed 151 7 (6 ) 28 (60 ) (29 ) 43 (51 ) 83 Other asset-backed 446 2 (6 ) 488 (111 ) (117 ) (47 ) 655 $ (1) Total asset-backed 928 (12 ) 49 610 (345 ) (218 ) 75 (160 ) 927 (1) Fixed maturities available-for-sale 1,203 (9 ) 52 657 (378 ) (234 ) 107 (215 ) 1,183 (1) Fixed maturities trading 80 11 (1 ) 90 11 Total fixed maturities $ 1,283 $ 2 $ 52 $ 657 $ (379 ) $ (234 ) $ 107 $ (215 ) $ 1,273 $ 10 Equity securities available-for-sale $ 11 $ 3 $ (6 ) $ 16 $ (8 ) $ 16 Equity securities trading 8 (1 ) (6 ) 1 $ 1 Total equity securities $ 19 $ 2 $ (6 ) $ 16 $ (14 ) $ - $ - $ - $ 17 $ 1 Life settlement contracts $ 88 $ 33 $ (39 ) $ 82 $ 8 Separate account business 1 $ (1 ) - Derivative financial instruments, net (3 ) 1 $ 2 - 2 |
Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets | The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. Range Estimated Valuation Unobservable (Weighted December 31, 2015 Fair Value Techniques Inputs Average) (In millions) Fixed maturity securities $ 138 Discounted cash flow Credit spread 3% – 184% (6%) Life settlement contracts 74 Discounted cash flow Discount rate risk premium 9% Mortality assumption 55% – 1,676% (164%) December 31, 2014 Fixed maturity securities $ 101 Discounted cash flow Credit spread 2% – 13% (3%) Equity securities 16 Market approach Private offering price $12 – $4,391 per share ($600 per share) Life settlement contracts 82 Discounted cash flow Discount rate risk premium 9% Mortality assumption 55% – 1,676% (163%) |
Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities | The carrying amounts reported on the Consolidated Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Estimated Fair Value December 31, 2015 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 678 $ 688 $ 688 Liabilities: Short term debt 1,038 $ 1,050 2 1,052 Long term debt 9,530 8,538 595 9,133 December 31, 2014 Assets: Other invested assets, primarily mortgage loans $ 588 $ 608 $ 608 Liabilities: Short term debt 334 $ 255 84 339 Long term debt 10,320 10,299 420 10,719 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | December 31 2015 2014 (In millions) Reinsurance (Note 15) $ 4,491 $ 4,742 Insurance 2,129 1,997 Receivable from brokers 471 84 Accrued investment income 408 412 Federal income taxes 45 27 Other, primarily customer accounts 593 625 Total 8,137 7,887 Less: allowance for doubtful accounts on reinsurance receivables 38 48 allowance for other doubtful accounts 58 69 Receivables $ 8,041 $ 7,770 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | December 31 2015 2014 (In millions) Pipeline equipment (net of accumulated DD&A of $1,887 and $1,620) $ 7,462 $ 7,491 Offshore drilling equipment (net of accumulated DD&A of $3,335 and $4,159) 6,071 6,459 Other (net of accumulated DD&A of $811 and $730) 1,450 1,083 Construction in process 494 578 Property, plant and equipment, net $ 15,477 $ 15,611 |
DD&A Expense and Capital Expenditures | DD&A expense and capital expenditures are as follows: Year Ended December 31 2015 2014 2013 DD&A Capital DD&A Capital DD&A Capital (In millions) CNA Financial $ 74 $ 123 $ 69 $ 72 $ 72 $ 90 Diamond Offshore 494 812 457 2,050 389 987 Boardwalk Pipeline 327 390 292 378 275 305 Loews Hotels 54 389 37 289 32 369 Corporate and other 6 4 6 24 6 4 Total $ 955 $ 1,718 $ 861 $ 2,813 $ 774 $ 1,755 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | CNA Diamond Boardwalk Loews Total Financial Offshore Pipeline Hotels (In millions) Balance, December 31, 2013 $ 357 $ 119 $ 20 $ 215 $ 3 Additions 22 22 Dispositions (3 ) (3 ) Other adjustments (2 ) (2 ) Balance, December 31, 2014 374 117 20 237 — Impairments (20 ) (20 ) Other adjustments (3 ) (3 ) Balance, December 31, 2015 $ 351 $ 114 $ — $ 237 $ — |
Claim and Claim Adjustment Ex39
Claim and Claim Adjustment Expense Reserves (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the Life & Group Non-Core segment. Year Ended December 31 2015 2014 2013 (In millions) Reserves, beginning of year: Gross $ 23,271 $ 24,089 $ 24,763 Ceded 4,344 4,972 5,126 Net reserves, beginning of year 18,927 19,117 19,637 Change in net reserves due to acquisition (disposition) of subsidiaries (13 ) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,934 5,043 5,114 Decrease in provision for insured events of prior years (255 ) (36 ) (115 ) Amortization of discount 166 161 154 Total net incurred (a) 4,845 5,168 5,153 Net payments attributable to: Current year events (856 ) (945 ) (981 ) Prior year events (4,089 ) (4,355 ) (4,588 ) Total net payments (4,945 ) (5,300 ) (5,569 ) Foreign currency translation adjustment and other (251 ) (45 ) (104 ) Net reserves, end of year 18,576 18,927 19,117 Ceded reserves, end of year 4,087 4,344 4,972 Gross reserves, end of year $ 22,663 $ 23,271 $ 24,089 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables and benefit expenses related to future policy benefits and policyholders’ funds, which are not reflected in the table above. |
Summary of Gross and Net Carried Reserves | The following tables present the gross and net carried reserves: December 31, 2015 Specialty Commercial International Other Non-Core Total (In millions) Gross Case Reserves $ 2,011 $ 4,975 $ 622 $ 4,494 $ 12,102 Gross IBNR Reserves 4,258 4,208 725 1,370 10,561 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 6,269 $ 9,183 $ 1,347 $ 5,864 $ 22,663 Net Case Reserves $ 1,810 $ 4,651 $ 531 $ 2,844 $ 9,836 Net IBNR Reserves 3,758 3,925 688 369 8,740 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,568 $ 8,576 $ 1,219 $ 3,213 $ 18,576 December 31, 2014 Gross Case Reserves $ 2,136 $ 5,298 $ 752 $ 4,070 $ 12,256 Gross IBNR Reserves 4,093 4,216 689 2,017 11,015 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 6,229 $ 9,514 $ 1,441 $ 6,087 $ 23,271 Net Case Reserves $ 1,929 $ 4,947 $ 598 $ 2,716 $ 10,190 Net IBNR Reserves 3,726 3,906 663 442 8,737 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 5,655 $ 8,853 $ 1,261 $ 3,158 $ 18,927 |
Net Prior Year Development | The following tables and discussion present the net prior year development recorded for Specialty, Commercial, International and Other Non-Core segments. Year Ended December 31, 2015 Specialty Commercial International Other Total (In millions) Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (141 ) $ (15 ) $ (54 ) $ - $ (210 ) Pretax (favorable) unfavorable premium development (11 ) (15 ) 18 (8 ) Total pretax (favorable) unfavorable net prior year development $ (152 ) $ (30 ) $ (36 ) $ - $ (218 ) Year Ended December 31, 2014 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (136 ) $ 176 $ (59 ) $ (2 ) $ (21 ) Pretax (favorable) unfavorable premium development (13 ) (20 ) 2 (1 ) (32 ) Total pretax (favorable) unfavorable net prior year development $ (149 ) $ 156 $ (57 ) $ (3 ) $ (53 ) Year Ended December 31, 2013 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (196 ) $ 122 $ (38 ) $ (6 ) $ (118 ) Pretax (favorable) unfavorable premium development (14 ) (8 ) (21 ) 1 (42 ) Total pretax (favorable) unfavorable net prior year development $ (210 ) $ 114 $ (59 ) $ (5 ) $ (160 ) |
Impact of Loss Portfolio Transfer on Consolidated Statements of Income | The following table presents the impact of the loss portfolio transfer on the Consolidated Statements of Income. Year Ended December 31 2015 2014 2013 (In millions) Net A&EP adverse development before consideration of LPT $ 150 $ - $ 363 Provision for uncollectible third party reinsurance on A&EP 140 Additional amounts ceded under LPT 150 - 503 Retroactive reinsurance benefit recognized (85 ) (13 ) (314 ) Pretax impact of deferred retroactive reinsurance $ 65 $ (13 ) $ 189 |
Specialty [Member] | |
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | The following table and discussion presents further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the Specialty segment: Year Ended December 31 2015 2014 2013 (In millions) Medical professional liability $ (43 ) $ 39 $ (27 ) Other professional liability and management liability (87 ) (73 ) Surety (69 ) (82 ) (74 ) Warranty (2 ) (2 ) (3 ) Other (27 ) (4 ) (19 ) Total pretax (favorable) unfavorable development $ (141 ) $ (136 ) $ (196 ) |
Commercial [Member] | |
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | The following table and discussion presents further detail of the development recorded for the Commercial segment: Year Ended December 31 2015 2014 2013 (In millions) Commercial auto $ (22 ) $ 31 $ 18 General liability (33 ) 45 64 Workers’ compensation 80 139 91 Property and other (40 ) (39 ) (51 ) Total pretax (favorable) unfavorable development $ (15 ) $ 176 $ 122 |
International [Member] | |
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | The following table and discussion presents further detail of the development recorded for the International segment: Year Ended December 31 2015 2014 2013 (In millions) Medical professional liability $ (9 ) $ (7 ) $ (7 ) Other professional liability (16 ) (26 ) (30 ) Liability (17 ) (13 ) (8 ) Property & marine (29 ) (14 ) 13 Other 17 (9 ) (17 ) Commutations 10 11 Total pretax (favorable) unfavorable development $ (54 ) $ (59 ) $ (38 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties | The table below presents the future minimum lease payments to be made under non-cancelable operating leases along with lease and sublease minimum receipts to be received on owned and leased properties. Future Minimum Lease Year Ended December 31 Payments Receipts (In millions) 2016 $ 59 $ 5 2017 53 5 2018 51 5 2019 46 5 2020 43 4 Thereafter 242 23 Total $ 494 $ 47 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Components of Income Tax Expense (Benefit) | The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2015 2014 2013 (In millions) Income tax expense (benefit): Federal: Current $ 79 $ 370 $ 705 Deferred (234 ) (23 ) (232 ) State and city: Current 21 12 19 Deferred 5 6 1 Foreign 86 92 163 Total $ (43 ) $ 457 $ 656 |
Components of U.S. and Foreign Income and Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense | The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows: Year Ended December 31 2015 2014 2013 (In millions) Income before income tax: U.S. $ 543 $ 1,499 $ 1,945 Foreign (299 ) 311 332 Total $ 244 $ 1,810 $ 2,277 Income tax expense at statutory rate $ 86 $ 633 $ 797 Increase (decrease) in income tax expense resulting from: Exempt investment income (126 ) (121 ) (99 ) Foreign related tax differential (18 ) (48 ) (117 ) Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions 38 44 31 Taxes related to domestic affiliate (10 ) 14 19 Partnership earnings not subject to taxes (38 ) (39 ) (38 ) Unrecognized tax benefit (expense) 1 (42 ) 66 Other (a) 24 16 (3 ) Income tax expense (benefit) $ (43 ) $ 457 $ 656 (a) Includes state and local taxes, retroactive tax law changes, adjustments to prior year estimates and other non-deductible expenses. |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2015 2014 2013 (In millions) Balance at January 1 $ 57 $ 91 $ 67 Additions based on tax positions related to the current year 7 6 2 Additions for tax positions related to a prior year 31 Reductions for tax positions related to a prior year (3 ) (35 ) (7 ) Lapse of statute of limitations (7 ) (5 ) (2 ) Balance at December 31 $ 54 $ 57 $ 91 |
Summary of Deferred Tax Assets and Liabilities | The following table summarizes deferred tax assets and liabilities: December 31 2015 2014 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 178 $ 265 Unearned premium reserves 230 187 Receivables 30 37 Employee benefits 419 432 Life settlement contracts 48 46 Deferred retroactive reinsurance benefit 84 61 Net operating loss carryforwards 245 321 Tax credit carryforwards 131 93 Basis differential in investment in subsidiary 19 21 Other 282 209 Total deferred tax assets 1,666 1,672 Valuation allowance (147 ) (48 ) Net deferred tax assets 1,519 1,624 Deferred tax liabilities: Deferred acquisition costs (117 ) (226 ) Net unrealized gains (166 ) (469 ) Property, plant and equipment (998 ) (1,132 ) Basis differential in investment in subsidiary (428 ) (472 ) Other liabilities (173 ) (204 ) Deferred tax liabilities (1,882 ) (2,503 ) Net deferred tax liability (a) $ (363 ) $ (879 ) (a) Includes $19 and $14 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2015 and 2014. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | December 31 2015 2014 (In millions) Loews Corporation (Parent Company): Senior: 5.3% notes due 2016 (effective interest rate of 5.4%) (authorized, $400) $ 400 $ 400 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 6.5% notes due 2016 (effective interest rate of 6.6%) (authorized, $350) 350 350 7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) 150 150 7.4% notes due 2019 (effective interest rate of 7.5%) (authorized, $350) 350 350 5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) 500 500 5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) 400 400 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 Variable rate note due 2036 (effective interest rate of 3.8% and 3.5%) 30 30 Capital lease obligation 4 2 Diamond Offshore: Senior: Commercial paper (weighted average interest rate of 0.9%) 287 4.9% notes due 2015 (effective interest rate of 5.0%) (authorized, $250) 250 5.9% notes due 2019 (effective interest rate of 6.0%) (authorized, $500) 500 500 3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) 250 250 5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) 500 500 4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) 750 750 Boardwalk Pipeline: Senior: Variable rate revolving credit facility due 2020 (effective interest rate of 1.7% and 1.5%) 375 120 Variable rate term loan due 2017 (effective interest rate of 1.9%) 200 4.6% notes due 2015 (effective interest rate of 5.1%) (authorized, $250) 250 5.1% notes due 2015 (effective interest rate of 5.2%) (authorized, $275) 275 5.9% notes due 2016 (effective interest rate of 6.0%) (authorized, $250) 250 250 5.5% notes due 2017 (effective interest rate of 5.6%) (authorized, $300) 300 300 6.3% notes due 2017 (effective interest rate of 6.4%) (authorized, $275) 275 275 5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) 185 185 5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) 350 350 4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) 440 440 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600 and $350) 600 350 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 Capital lease obligation 10 10 Loews Hotels: Senior debt, principally mortgages (effective interest rates approximate 4.1%) 598 506 10,647 10,736 Less unamortized discount 64 68 Debt $ 10,583 $ 10,668 |
Schedule of Debt by Subsidiary | Unamortized Short Term Long Term December 31, 2015 Principal Discount Net Debt Debt (In millions) Loews Corporation $ 1,700 $ 19 $ 1,681 $ 400 $ 1,281 CNA Financial 2,577 11 2,566 351 2,215 Diamond Offshore 2,287 18 2,269 287 1,982 Boardwalk Pipeline 3,485 16 3,469 3,469 Loews Hotels 598 598 2 596 Total $ 10,647 $ 64 $ 10,583 $ 1,040 $ 9,543 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the years ended December 31, 2013, 2014 and 2015: OTTI Unrealized Discontinued Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2013 $ 18 $ 1,233 $ 20 $ (4 ) $ (732 ) $ 143 $ 678 Other comprehensive income (loss) before reclassifications, after tax of $(3), $354, $3, $4, $(165) and $0 6 (658 ) (6 ) (6 ) 307 (11 ) (368 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $10, $10, $(2), $(12) and $0 (21 ) (17 ) 6 22 (10 ) Other comprehensive income (loss) 6 (679 ) (23 ) - 329 (11 ) (378 ) Issuance of equity securities by subsidiary 2 2 Amounts attributable to noncontrolling interests (1 ) 68 (31 ) 1 37 Balance, December 31, 2013 23 622 (3 ) (4 ) (432 ) 133 339 Sale of subsidiaries (5 ) (15 ) 20 - Other comprehensive income (loss) before reclassifications, after tax of $(8), $(132), $(3), $1, $132 and $0 15 295 2 (2 ) (244 ) (94 ) (28 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $10, $16, $0, $(7) and $0 (28 ) (21 ) (1 ) 9 (41 ) Other comprehensive income (loss) 15 267 (19 ) (3 ) (235 ) (94 ) (69 ) Amounts attributable to noncontrolling interests (1 ) (28 ) 2 1 26 10 10 Balance, December 31, 2014 32 846 - (6 ) (641 ) 49 280 Other comprehensive loss before reclassifications, after tax of $13, $313, $0, $1, $16 and $0 (23 ) (600 ) (2 ) (31 ) (139 ) (795 ) Reclassification of losses from accumulated other comprehensive income, after tax of $(8), $(31), $0, $(2), $(11) and $0 14 43 7 13 77 Other comprehensive income (loss) (9 ) (557 ) - 5 (18 ) (139 ) (718 ) Issuance of equity securities by subsidiary 1 1 Amounts attributable to noncontrolling interests 1 58 (2 ) 9 14 80 Balance, December 31, 2015 $ 24 $ 347 $ - $ (3 ) $ (649 ) $ (76 ) $ (357 ) |
Statutory Accounting Practices
Statutory Accounting Practices (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Combined Statutory Capital and Surplus and Net Income (Loss) | Combined statutory capital and surplus and statutory net income (loss), determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities for the Combined Continental Casualty Companies and the life company, are presented in the table below. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2015 (a) 2014 2015 (a) 2014 2013 (In millions) Combined Continental Casualty Companies $ 10,723 $ 11,155 $ 1,148 $ 914 $ 913 Life company - - - 37 48 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2015 2014 2013 2015 2014 2013 Discount rate 4.0% 3.7% 4.4% 3.7% 3.4% 4.2% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Rate of compensation increase 3.5% to 5.5% 3.5% to 5.5% 3.5% to 5.5% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2015 2014 2013 2015 2014 2013 Discount rate 3.8% 4.4% 3.9% 3.4% 4.0% 3.5% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% to 7.8% 5.3% 5.3% 5.3% Rate of compensation increase 3.5% to 5.5% 3.5% to 5.5% 3.5% to 5.5% |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates: December 31 2015 2014 2013 Health care cost trend rate assumed for next year 4.0% to 7.5% 4.0% to 8.0% 4.0% to 8.5% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2016-2021 2015-2021 2014-2022 |
Components of Net Periodic Benefit Cost | Net periodic benefit cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2015 2014 2013 2015 2014 2013 (In millions) Service cost $ 12 $ 16 $ 22 $ 1 $ 1 $ 1 Interest cost 127 149 136 3 4 4 Expected return on plan assets (193 ) (209 ) (198 ) (5 ) (4 ) (5 ) Amortization of unrecognized net loss 42 30 54 1 1 1 Amortization of unrecognized prior service benefit (1 ) (1 ) (10 ) (18 ) (25 ) Settlement/Curtailment 3 86 5 (86 ) Net periodic benefit cost $ (10 ) $ 71 $ 19 $ (10 ) $ (102 ) $ (24 ) |
Reconciliation of Benefit Obligations and Plan Assets | The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,446 $ 3,336 $ 97 $ 101 Service cost 12 16 1 1 Interest cost 127 149 3 4 Plan participants’ contributions 5 6 Amendments/curtailments (55 ) (4 ) (7 ) Actuarial (gain) loss (96 ) 402 (11 ) 7 Benefits paid from plan assets (187 ) (178 ) (13 ) (15 ) Settlements (12 ) (268 ) Foreign exchange (8 ) (7 ) Benefit obligation at December 31 3,227 3,446 82 97 Change in plan assets: Fair value of plan assets at January 1 2,713 2,914 87 81 Actual return on plan assets (21 ) 233 2 9 Company contributions 15 19 5 6 Plan participants’ contributions 5 6 Benefits paid from plan assets (187 ) (178 ) (13 ) (15 ) Settlements (12 ) (268 ) Foreign exchange (8 ) (7 ) Fair value of plan assets at December 31 2,500 2,713 86 87 Funded status $ (727 ) $ (733 ) $ 4 $ (10 ) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 11 $ 9 $ 38 $ 32 Other liabilities (738 ) (742 ) (34 ) (42 ) Net amount recognized $ (727 ) $ (733 ) $ 4 $ (10 ) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Not Yet Recognized in Net Periodic (Benefit) Cost | Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Prior service credit $ (5 ) $ (5 ) $ (9 ) $ (19 ) Net actuarial loss 1,106 1,090 8 18 Net amount recognized $ 1,101 $ 1,085 $ (1 ) $ (1 ) Information for plans with projected and accumulated benefit obligations in excess of plan assets: Projected benefit obligation $ 3,129 $ 3,336 Accumulated benefit obligation 3,114 3,262 $ 34 $ 42 Fair value of plan assets 2,391 2,713 |
Estimated Amounts to be Recognized from AOCI into Net Periodic Cost (Benefit) | The table below presents the estimated amounts to be recognized from AOCI into net periodic cost (benefit) during 2016. Pension Other (In millions) Amortization of net actuarial loss $ 46 $ - Amortization of prior service credit (1 ) (3 ) Total estimated amounts to be recognized $ 45 $ (3 ) |
Estimated Future Minimum Benefit Payments | The table below presents the estimated future minimum benefit payments at December 31, 2015. Expected future benefit payments Pension Other (In millions) 2016 $ 218 $ 8 2017 217 8 2018 216 7 2019 217 7 2020 219 7 2021 – 2025 1,076 25 |
Summary of Stock Option and SAR Transactions | A summary of the stock option and SAR transactions for the Loews Plan follows: 2015 2014 Number of Weighted Number of Weighted Awards outstanding, January 1 6,908,778 $ 39.905 6,476,391 $ 38.497 Granted 924,000 38.715 910,375 43.839 Exercised (390,856 ) 28.586 (392,519 ) 24.670 Canceled (80,564 ) 45.505 (85,469 ) 45.117 Awards outstanding, December 31 7,361,358 40.295 6,908,778 39.905 Awards exercisable, December 31 5,341,685 $ 39.851 4,924,249 $ 38.742 |
Summary of Stock Options and SARs Outstanding by Exercise Price Range | The following table summarizes information about the Company’s stock options and SARs outstanding in connection with the Loews Plan at December 31, 2015: Awards Outstanding Awards Exercisable Range of exercise prices Number of Weighted Weighted Number of Weighted Price $20.01-30.00 377,758 3.06 $ 25.472 377,758 $ 25.472 30.01-40.00 2,969,582 4.82 37.168 2,410,992 37.084 40.01-50.00 3,844,443 5.85 43.691 2,383,360 44.131 50.01-60.00 169,575 1.06 51.080 169,575 51.080 |
Assumptions Used in Estimating Fair Value of Granted Options and SARs and Results | The fair value of granted options and SARs for the Loews Plan were estimated at the grant date using the Black-Scholes pricing model with the following assumptions and results: Year Ended December 31 2015 2014 2013 Expected dividend yield 0.7 % 0.6 % 0.6 % Expected volatility 19.1 % 16.9 % 16.3 % Weighted average risk-free interest rate 1.5 % 1.7 % 1.1 % Expected holding period (in years) 5.0 5.0 5.0 Weighted average fair value of awards $ 6.94 $ 7.41 $ 6.75 |
Pension Benefits [Member] | |
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 455 $ 10 $ 465 States, municipalities and political subdivisions 106 106 Asset-backed 219 219 Total fixed maturities $ - 780 10 790 Equity securities 373 107 480 Short term investments 30 28 58 Fixed income mutual funds 95 95 Limited partnerships: Hedge funds 565 327 892 Private equity 133 133 Total limited partnerships - 565 460 1,025 Other assets 52 52 Total $ 498 $ 1,532 $ 470 $ 2,500 December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 463 $ 15 $ 478 States, municipalities and political subdivisions 80 80 Asset-backed 216 216 U.S. Treasury and obligations of government- sponsored enterprises $ 25 25 Total fixed maturities 25 759 15 799 Equity securities 432 118 550 Short term investments 58 101 159 Fixed income mutual funds 99 99 Limited partnerships: Hedge funds 619 333 952 Private equity 123 123 Total limited partnerships - 619 456 1,075 Other assets 1 30 31 Total $ 615 $ 1,627 $ 471 $ 2,713 |
Plan Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present reconciliations for all pension plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014: Net Actual Return on Assets Purchases, Net Transfers Balance at Still Held at Sold During Sales, and In (Out) of Balance at 2015 January 1, December 31, the Year Settlements Level 3 December 31, (In millions) Fixed maturity securities: Corporate and other bonds $ 15 $ (5 ) $ 10 Limited partnerships: Hedge funds 333 $ 19 $ (25 ) 327 Private equity 123 10 $ (1 ) 1 133 Total limited partnerships 456 29 (1 ) (24 ) - 460 Total $ 471 $ 29 $ (1 ) $ (24 ) $ (5 ) $ 470 2014 Fixed maturity securities: Corporate and other bonds $ 15 $ 15 Equity securities 8 $ (8 ) Limited partnerships: Hedge funds 352 $ 21 (40 ) 333 Private equity 125 19 $ 1 (22 ) 123 Total limited partnerships 477 40 1 (62 ) $ - 456 Total $ 500 $ 40 $ 1 $ (70 ) $ - $ 471 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 17 $ 17 States, municipalities and political subdivisions 42 42 Asset-backed 19 19 Total fixed maturities $ - 78 $ - 78 Short term investments 3 3 Fixed income mutual funds 5 5 Total $ 8 $ 78 $ - $ 86 December 31, 2014 Fixed maturity securities: Corporate and other bonds $ 18 $ 18 States, municipalities and political subdivisions 43 43 Asset-backed 20 20 Total fixed maturities $ - 81 $ - 81 Short term investments 3 3 Fixed income mutual funds 3 3 Total $ 6 $ 81 $ - $ 87 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Insurance [Abstract] | |
Summary of Amounts Receivable from Reinsurers | The following table presents the amounts receivable from reinsurers: December 31 2015 2014 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 4,087 $ 4,344 Ceded future policy benefits 207 185 Reinsurance receivables related to paid losses 197 213 Reinsurance receivables 4,491 4,742 Less allowance for doubtful accounts 38 48 Reinsurance receivables, net of allowance for doubtful accounts $ 4,453 $ 4,694 |
Summary of Effects of Reinsurance on Earned Premiums | The effects of reinsurance on earned premiums are presented in the following table: Direct Assumed Ceded Net Assumed/ (In millions) Year Ended December 31, 2015 Property and casualty $ 9,853 $ 274 $ 3,754 $ 6,373 4.3 % Accident and health 498 50 548 9.1 Earned premiums $ 10,351 $ 324 $ 3,754 $ 6,921 4.7 % Year Ended December 31, 2014 Property and casualty $ 9,452 $ 277 $ 3,073 $ 6,656 4.2 % Accident and health 508 48 556 8.6 Earned premiums $ 9,960 $ 325 $ 3,073 $ 7,212 4.5 % Year Ended December 31, 2013 Property and casualty $ 9,063 $ 258 $ 2,609 $ 6,712 3.8 % Accident and health 511 48 559 8.6 Earned premiums $ 9,574 $ 306 $ 2,609 $ 7,271 4.2 % |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2015 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 (In millions, except per share data) Total revenues $ 3,333 $ 3,169 $ 3,435 $ 3,478 Net income (loss) (a) (201 ) 182 170 109 Per share-basic and diluted (0.58 ) 0.50 0.46 0.29 2014 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Total revenues $ 3,521 $ 3,523 $ 3,593 $ 3,688 Income from continuing operations 215 179 303 265 Per share-basic 0.58 0.47 0.79 0.68 Per share-diluted 0.57 0.47 0.79 0.68 Discontinued operations, net (7 ) 29 (187 ) (206 ) Per share-basic and diluted (0.02 ) 0.08 (0.49 ) (0.53 ) Net income 208 208 116 59 Per share-basic 0.56 0.55 0.30 0.15 Per share-diluted 0.55 0.55 0.30 0.15 The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. (a) Net loss for the fourth quarter of 2015 includes the impact of a $177 million charge related to recognition of a premium deficiency in CNA’s long term care business and a $182 million asset impairment charge at Diamond Offshore. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income | The Consolidated Statements of Income include discontinued operations of HighMount as follows: Year Ended December 31 2014 2013 (In millions) Revenues: Other revenue, primarily operating $ 150 $ 259 Total 150 259 Expenses: Impairment of goodwill 584 Other operating expenses Impairment of natural gas and oil properties 29 291 Operating 173 252 Interest 8 17 Total 210 1,144 Loss before income tax (60 ) (885 ) Income tax benefit 4 311 Results of discontinued operations, net of income tax (56 ) (574 ) Impairment loss, net of tax benefit of $62 (138 ) Loss from discontinued operations $ (194 ) $ (574 ) The Consolidated Statements of Income include discontinued operations of the CAC business as follows: Year Ended December 31 2014 2013 (In millions) Revenues: Net investment income $ 94 $ 168 Investment gains 3 11 Other revenues 2 Total 97 181 Expenses: Insurance claims and policyholders’ benefits 75 141 Other operating expenses 2 3 Total 77 144 Income before income tax 20 37 Income tax expense (6 ) (15 ) Results of discontinued operations, net of income tax 14 22 Loss on sale, net of tax benefit of $40 (211 ) Amounts attributable to noncontrolling interests 20 (2 ) Income (loss) from discontinued operations $ (177 ) $ 20 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Consolidated Revenues and Income (Loss) by Business Segment | The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: Year Ended December 31 2015 2014 2013 (In millions) Revenues (a): CNA Financial: Property and Casualty: Specialty $ 3,579 $ 3,708 $ 3,676 Commercial 3,371 3,683 3,984 International 856 973 981 Other Non-Core 1,295 1,328 1,291 Total CNA Financial 9,101 9,692 9,932 Diamond Offshore 2,428 2,825 2,926 Boardwalk Pipeline 1,254 1,236 1,232 Loews Hotels 604 475 380 Corporate and other 28 97 143 Total $ 13,415 $ 14,325 $ 14,613 Year Ended December 31 2015 2014 2013 (In millions) Income (loss) before income tax and noncontrolling interests (a)(b): CNA Financial: Property and Casualty: Specialty $ 810 $ 967 $ 1,005 Commercial 514 477 662 International 59 102 117 Other Non-Core (830 ) (331 ) (501 ) Total CNA Financial 553 1,215 1,283 Diamond Offshore (402 ) 514 774 Boardwalk Pipeline 227 140 241 Loews Hotels 28 21 (4 ) Corporate and other (162 ) (80 ) (17 ) Total $ 244 $ 1,810 $ 2,277 Net income (loss) (a)(b): CNA Financial: Property and Casualty: Specialty $ 483 $ 578 $ 598 Commercial 303 285 394 International 34 62 65 Other Non-Core (387 ) (123 ) (230 ) Total CNA Financial 433 802 827 Diamond Offshore (156 ) 183 257 Boardwalk Pipeline 74 18 78 Loews Hotels 12 11 (3 ) Corporate and other (103 ) (52 ) (10 ) Income from continuing operations 260 962 1,149 Discontinued operations, net (371 ) (554 ) Total $ 260 $ 591 $ 595 (a) Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: Year Ended December 31 2015 2014 2013 Revenues and Income (loss) before income tax and noncontrolling interests: CNA Financial: Property and Casualty: Specialty $ (33 ) $ 15 $ (5 ) Commercial (47 ) 16 (15 ) International 1 (1 ) 5 Other Non-Core 8 24 31 Total $ (71 ) $ 54 $ 16 Net income (loss): CNA Financial: Property and Casualty: Specialty $ (19 ) $ 9 $ (2 ) Commercial (28 ) 9 (9 ) International 1 (1 ) 3 Other Non-Core 12 15 18 Total $ (34 ) $ 32 $ 10 (b) Income taxes and interest expense are as follows: Year Ended December 31 2015 2014 2013 Income Interest Income Interest Income Interest Taxes Expense Taxes Expense Taxes Expense CNA Financial: Property and Casualty: Specialty $ 271 $ 324 $ 340 Commercial 175 159 223 International 22 $ 1 34 $ 1 45 $ 1 Other Non-Core (397 ) 154 (195 ) 182 (245 ) 165 Total CNA Financial 71 155 322 183 363 166 Diamond Offshore (117 ) 94 142 62 245 25 Boardwalk Pipeline 46 176 11 165 56 163 Loews Hotels 16 21 10 14 (1 ) 9 Corporate and other (59 ) 74 (28 ) 74 (7 ) 62 Total $ (43 ) $ 520 $ 457 $ 498 $ 656 $ 425 |
Consolidating Financial Infor50
Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Consolidating Balance Sheet Information | Loews Corporation Consolidating Balance Sheet Information December 31, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 44,699 $ 117 $ 81 $ 4,503 $ 49,400 Cash 387 13 $ 4 12 24 440 Receivables 7,384 409 93 35 96 $ 24 8,041 Property, plant and equipment 333 6,382 7,712 1,003 47 15,477 Deferred income taxes 662 3 68 (733 ) - Goodwill 114 237 351 Investments in capital stocks of subsidiaries 15,129 (15,129 ) - Other assets 850 235 330 288 19 1,722 Deferred acquisition costs of insurance subsidiaries 598 598 Total assets $ 55,027 $ 7,156 $ 8,376 $ 1,422 $ 19,867 $ (15,819 ) $ 76,029 Liabilities and Equity: Insurance reserves $ 36,486 $ 36,486 Payable to brokers 358 $ 209 567 Short term debt 351 $ 287 $ 2 400 1,040 Long term debt 2,215 1,982 $ 3,469 596 1,281 9,543 Deferred income taxes 5 276 766 47 $ (712 ) 382 Other liabilities 3,883 496 510 70 220 22 5,201 Total liabilities 43,298 3,041 4,745 715 2,110 (690 ) 53,219 Total shareholders’ equity 10,516 2,195 1,517 705 17,757 (15,129 ) 17,561 Noncontrolling interests 1,213 1,920 2,114 2 5,249 Total equity 11,729 4,115 3,631 707 17,757 (15,129 ) 22,810 Total liabilities and equity $ 55,027 $ 7,156 $ 8,376 $ 1,422 $ 19,867 $ (15,819 ) $ 76,029 Loews Corporation Consolidating Balance Sheet Information December 31, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 46,262 $ 234 $ 75 $ 5,461 $ 52,032 Cash 190 16 $ 8 9 141 364 Receivables 7,097 490 128 29 82 $ (56 ) 7,770 Property, plant and equipment 280 6,949 7,649 671 62 15,611 Deferred income taxes 222 2 374 (598 ) - Goodwill 117 20 237 374 Investments in capital stocks of subsidiaries 15,974 (15,974 ) - Other assets 778 307 304 206 7 14 1,616 Deferred acquisition costs of insurance subsidiaries 600 600 Total assets $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614 ) $ 78,367 Liabilities and Equity: Insurance reserves $ 36,380 $ 36,380 Payable to brokers 117 $ 5 $ 551 673 Short term debt 250 $ 85 335 Long term debt 2,561 1,981 $ 3,690 421 1,680 10,333 Deferred income taxes 11 514 732 36 $ (400 ) 893 Other liabilities 3,713 792 400 17 421 (240 ) 5,103 Total liabilities 42,782 3,542 4,822 559 2,652 (640 ) 53,717 Total shareholders’ equity 11,457 2,359 1,558 431 19,449 (15,974 ) 19,280 Noncontrolling interests 1,307 2,115 1,946 2 5,370 Total equity 12,764 4,474 3,504 433 19,449 (15,974 ) 24,650 Total liabilities and equity $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614 ) $ 78,367 |
Consolidating Statement of Income Information | Loews Corporation Consolidating Statement of Income Information Year Ended December 31, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 6,921 $ 6,921 Net investment income 1,840 $ 3 $ 1 $ 22 1,866 Intercompany interest and dividends 816 $ (816 ) - Investment losses (71 ) (71 ) Contract drilling revenues 2,360 2,360 Other revenues 411 65 1,253 $ 604 6 2,339 Total 9,101 2,428 1,254 604 844 (816 ) 13,415 Expenses: Insurance claims and policyholders’ benefits 5,384 5,384 Amortization of deferred acquisition costs 1,540 1,540 Contract drilling expenses 1,228 1,228 Other operating expenses 1,469 1,508 851 555 116 4,499 Interest 155 94 176 21 74 520 Total 8,548 2,830 1,027 576 190 - 13,171 Income (loss) before income tax 553 (402 ) 227 28 654 (816 ) 244 Income tax (expense) benefit (71 ) 117 (46 ) (16 ) 59 43 Net income (loss) 482 (285 ) 181 12 713 (816 ) 287 Amounts attributable to noncontrolling interests (49 ) 129 (107 ) (27 ) Net income (loss) attributable to Loews Corporation $ 433 $ (156 ) $ 74 $ 12 $ 713 $ (816 ) $ 260 Loews Corporation Consolidating Statement of Income Information Year Ended December 31, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 7,212 $ 7,212 Net investment income 2,067 $ 1 $ 1 $ 94 2,163 Intercompany interest and dividends 782 $ (782 ) - Investment gains 54 54 Contract drilling revenues 2,737 2,737 Other revenues 359 87 1,235 $ 475 3 2,159 Total 9,692 2,825 1,236 475 879 (782 ) 14,325 Expenses: Insurance claims and policyholders’ benefits 5,591 5,591 Amortization of deferred acquisition costs 1,317 1,317 Contract drilling expenses 1,524 1,524 Other operating expenses 1,386 725 931 440 103 3,585 Interest 183 62 165 14 74 498 Total 8,477 2,311 1,096 454 177 - 12,515 Income before income tax 1,215 514 140 21 702 (782 ) 1,810 Income tax (expense) benefit (322 ) (142 ) (11 ) (10 ) 28 (457 ) Income from continuing operations 893 372 129 11 730 (782 ) 1,353 Discontinued operations, net (197 ) (194 ) (391 ) Net income 696 372 129 11 536 (782 ) 962 Amounts attributable to noncontrolling interests (71 ) (189 ) (111 ) (371 ) Net income attributable to Loews Corporation $ 625 $ 183 $ 18 $ 11 $ 536 $ (782 ) $ 591 Loews Corporation Consolidating Statement of Income Information Year Ended December 31, 2013 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 7,271 $ 7,271 Net investment income 2,282 $ 1 $ 1 $ 141 2,425 Intercompany interest and dividends 736 $ (736 ) - Investment gains 16 16 Contract drilling revenues 2,844 2,844 Other revenues 363 81 1,231 $ 380 2 2,057 Total 9,932 2,926 1,232 380 879 (736 ) 14,613 Expenses: Insurance claims and policyholders’ benefits 5,806 5,806 Amortization of deferred acquisition costs 1,362 1,362 Contract drilling expenses 1,573 1,573 Other operating expenses 1,315 554 828 375 98 3,170 Interest 166 25 163 9 62 425 Total 8,649 2,152 991 384 160 - 12,336 Income (loss) before income tax 1,283 774 241 (4 ) 719 (736 ) 2,277 Income tax (expense) benefit (363 ) (245 ) (56 ) 1 7 (656 ) Income (loss) from continuing operations 920 529 185 (3 ) 726 (736 ) 1,621 Discontinued operations, net 22 (574 ) (552 ) Net income (loss) 942 529 185 (3 ) 152 (736 ) 1,069 Amounts attributable to noncontrolling interests (95 ) (272 ) (107 ) (474 ) Net income (loss) attributable to Loews Corporation $ 847 $ 257 $ 78 $ (3 ) $ 152 $ (736 ) $ 595 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Net investment income and the amortized cost of fixed maturity securities | $ 39,000,000 | ||||
Decrease in basic net income per share | $ 0.06 | ||||
Decrease in diluted net income per share | $ 0.06 | ||||
Increase (decrease) in Shadow Adjustments | $ 159,000,000 | $ 679,000,000 | |||
Net unrealized gains on investments included in "AOCI" | $ 996,000,000 | $ 1,200,000,000 | 996,000,000 | 1,200,000,000 | |
Investment in joint venture entities | 234,000,000 | 158,000,000 | 234,000,000 | 158,000,000 | |
Equity income (loss) for the investments | 43,000,000 | (62,000,000) | $ 12,000,000 | ||
Maximum exposure to loss for the VIE investments | 348,000,000 | $ 348,000,000 | |||
Initial collateral deposit as a percentage of the fair value of the securities loaned | 100.00% | ||||
Collateral held | 0 | 0 | $ 0 | $ 0 | |
Gross premium valuation indicated a premium deficiency | 296,000,000 | ||||
Write off of deferred acquisition cost asset | 289,000,000 | ||||
Increase to active life reserves | $ 7,000,000 | ||||
Minimum interest rate used to calculate reserves for long term care products | 6.60% | 4.50% | |||
Maximum interest rate used to calculate reserves for long term care products | 7.00% | 7.90% | |||
Liability balance for guaranty fund | $ 129,000,000 | 131,000,000 | $ 129,000,000 | $ 131,000,000 | |
Billed receivables percentage of total reinsurance receivables | 4.00% | 4.00% | |||
Investments in life settlement contracts | $ 74,000,000 | $ 74,000,000 | |||
Tax benefit of a qualifying position is the largest amount of tax benefit threshold | 50.00% | 50.00% | |||
Recognized compensation expense | $ 14,000,000 | $ 12,000,000 | $ 11,000,000 | ||
Potential shares attributable to exercises included in diluted EPS calculation | 0.3 | 0.6 | 0.9 | ||
Shares excluded from diluted EPS calculation | 4.8 | 2.3 | 1.5 | ||
Foreign currency transaction gain (loss) | $ (8,000,000) | $ (22,000,000) | $ (3,000,000) | ||
Cash payments made for interest on long term debt, net of capitalized interest | 513,000,000 | 501,000,000 | 415,000,000 | ||
Cash payments for federal, foreign, state and local income taxes amount | 110,000,000 | 189,000,000 | 183,000,000 | ||
Investing activities excluding capital expenditures | $ 3,000,000 | 43,000,000 | |||
Previously accrued capital expenditures included in Investment activities | $ 14,000,000 | ||||
CNA Financial [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subsidiary ownership percentage | 90.00% | ||||
Anticipated amounts due from insureds related to losses under deductible policies | $ 1,200,000,000 | 1,400,000,000 | |||
Minimum interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 5.50% | 5.50% | |||
Maximum interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 8.00% | 8.00% | |||
Discounted reserves for unfunded structured settlements | $ 560,000,000 | $ 582,000,000 | |||
Discounted reserves for unfunded structured settlements, discount amount | $ 880,000,000 | $ 924,000,000 | |||
Minimum interest rate used to discount workers' compensation lifetime claim reserves and accident and health claim reserves | 3.50% | 3.50% | |||
Maximum interest rate used to discount workers' compensation lifetime claim reserves and accident and health claim reserves | 6.80% | 6.80% | |||
Discounted reserves for workers' compensation lifetime claims and accident and health claims | $ 2,600,000,000 | $ 2,500,000,000 | |||
Discounted reserves for workers' compensation lifetime claims reserves and accident and health claim reserves, discount amount | 653,000,000 | 654,000,000 | |||
Deposit assets | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |
Deposit liabilities | 8,000,000 | 9,000,000 | 8,000,000 | 9,000,000 | |
Investments in life settlement contracts | $ 74,000,000 | $ 82,000,000 | 74,000,000 | 82,000,000 | |
Increase (decrease) in fair value recognized on life settlement contracts | 1,000,000 | 8,000,000 | (2,000,000) | ||
Gain recognized on matured life settlement contracts | $ 24,000,000 | $ 25,000,000 | $ 15,000,000 | ||
Diamond Offshore Drilling, Inc. [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subsidiary ownership percentage | 53.00% | ||||
Boardwalk Pipeline Partners, LP [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subsidiary ownership percentage | 51.00% | ||||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage equity method investments in associated companies | 20.00% | 20.00% | |||
Share-based payment awards requisite service period | 3 years | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage equity method investments in associated companies | 50.00% | 50.00% | |||
Share-based payment awards requisite service period | 4 years |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Summary of Financial Information for Joint Ventures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total assets | $ 1,577 | $ 1,231 | |
Total liabilities | 1,231 | 1,025 | |
Revenues | 606 | 491 | $ 349 |
Net income | $ 71 | $ 32 | $ 7 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Schedule of Life Settlement Contracts Fair Value Method (Detail) $ in Millions | Dec. 31, 2015USD ($)Contract |
Accounting Policies [Abstract] | |
Number of Life Settlement Contracts 2016 | Contract | 60 |
Number of Life Settlement Contracts 2017 | Contract | 60 |
Number of Life Settlement Contracts 2018 | Contract | 50 |
Number of Life Settlement Contracts 2019 | Contract | 40 |
Number of Life Settlement Contracts 2020 | Contract | 40 |
Number of Life Settlement Contracts Thereafter | Contract | 300 |
Number of Life Settlement Contracts Total | Contract | 550 |
Fair Value of Life Settlement Contracts 2016 | $ 11 |
Fair Value of Life Settlement Contracts 2017 | 10 |
Fair Value of Life Settlement Contracts 2018 | 8 |
Fair Value of Life Settlement Contracts 2019 | 6 |
Fair Value of Life Settlement Contracts 2020 | 5 |
Thereafter Fair Value of Life Settlement Contracts Thereafter | 34 |
Fair Value of Life Settlement Contracts Total | 74 |
Face Amount of Life Insurance Policies 2016 | 35 |
Face Amount of Life Insurance Policies 2017 | 31 |
Face Amount of Life Insurance Policies 2018 | 27 |
Face Amount of Life Insurance Policies 2019 | 24 |
Face Amount of Life Insurance Policies 2020 | 21 |
Face Amount of Life Insurance Policies Thereafter | 167 |
Face Amount of Life Insurance Policies Total | $ 305 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Principal Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Pipeline Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 30 years |
Minimum [Member] | Offshore Drilling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 15 years |
Minimum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 3 years |
Maximum [Member] | Pipeline Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 50 years |
Maximum [Member] | Offshore Drilling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 30 years |
Maximum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 40 years |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2014USD ($) | Dec. 31, 2015USD ($)Hotel | Dec. 31, 2014USD ($)PropertyHotel | Dec. 31, 2013USD ($) | |
Business Acquisition [Line Items] | ||||
Number of remaining natural gas and oil properties | Property | 0 | |||
Purchase price | $ 157 | $ 448 | $ 235 | |
Goodwill recorded | 351 | 374 | 357 | |
Amount paid for acquisition | 1,718 | 2,813 | 1,755 | |
Evangeline Pipeline System [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 295 | |||
Bluegrass Project [Member] | ||||
Business Acquisition [Line Items] | ||||
Previous period capitalized costs recorded as charge in present period in other operating expenses, net of tax and noncontrolling interest | 55 | |||
Bluegrass Project [Member] | Other Operating Expenses [Member] | ||||
Business Acquisition [Line Items] | ||||
Previous period capitalized costs recorded as charge in present period in other operating expenses | 94 | |||
Loews Hotels [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount paid for acquisition | $ 330 | $ 230 | ||
Number of hotel properties acquired | Hotel | 2 | 3 | ||
CAC [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of coinsurance agreement | 100.00% | |||
Recognized loss due to difference between market value and book value of funds withheld assets | $ 31 | |||
Boardwalk Pipeline [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill recorded | $ 237 | 237 | 215 | |
Amount paid for acquisition | 390 | 378 | $ 305 | |
Boardwalk Pipeline [Member] | Evangeline Pipeline System [Member] | ||||
Business Acquisition [Line Items] | ||||
Identifiable finite-lived intangible assets | 20 | |||
Goodwill recorded | $ 22 | |||
Boardwalk Pipeline Partners, LP [Member] | Bluegrass Project [Member] | ||||
Business Acquisition [Line Items] | ||||
Previous period capitalized costs recorded as charge in present period in other operating expenses | $ 10 |
Investments - Net Investment In
Investments - Net Investment Income and Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Investment Income [Line Items] | |||
Total investment income | $ 1,929 | $ 2,221 | $ 2,478 |
Investment expenses | (63) | (58) | (53) |
Net investment income | 1,866 | 2,163 | 2,425 |
Investment gains (losses) | (71) | 54 | 16 |
Fixed Maturity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,751 | 1,803 | 1,827 |
Investment gains (losses) | (66) | 41 | 41 |
Equity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 12 | 12 | 12 |
Investment gains (losses) | (23) | 1 | (22) |
Derivative Instruments [Member] | |||
Net Investment Income [Line Items] | |||
Investment gains (losses) | 10 | (1) | (9) |
Short Term Investments [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 11 | 4 | 5 |
Investment gains (losses) | 8 | 13 | 6 |
Limited Partnership Investments [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 119 | 304 | 519 |
Income from Trading Portfolio [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 2 | 64 | 90 |
Other [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | $ 34 | $ 34 | $ 25 |
Investments - Net Investment 57
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Investment Income [Line Items] | |||
Net unrealized gains (losses) on trading securities | $ (46) | $ 42 | $ (2) |
Fixed Maturity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Gross realized gains on available-for-sale securities | 133 | 178 | 198 |
Gross realized losses on available-for-sale securities | $ 222 | $ 136 | $ 179 |
Investments - Additional Inform
Investments - Additional Information (Detail) | Dec. 31, 2015USD ($)Investment | Dec. 31, 2015USD ($)Investment | Dec. 31, 2014USD ($)Investment | Dec. 31, 2013 |
Schedule of Investments [Line Items] | ||||
Value of non-income producing fixed maturity securities held | $ 54,000,000 | $ 54,000,000 | $ 0 | |
Number of Investments not exceeds 10% of shareholders equity | Investment | 0 | 0 | 0 | |
Fixed maturities, fair value | $ 39,701,000,000 | $ 39,701,000,000 | $ 40,885,000,000 | |
Fixed maturities, amortized cost | 37,407,000,000 | 37,407,000,000 | 37,469,000,000 | |
Equity securities, fair value | 752,000,000 | 752,000,000 | 728,000,000 | |
Equity securities, amortized cost | 824,000,000 | 824,000,000 | 733,000,000 | |
Fair market value of marketable securities unrealized loss position | 1,400,000,000 | 1,400,000,000 | ||
Amortized cost of marketable securities unrealized loss position | 1,600,000,000 | 1,600,000,000 | ||
Additional other than temporary impairment losses | 0 | |||
Carrying value of limited partnerships | $ 3,300,000,000 | 3,300,000,000 | 3,700,000,000 | |
Undistributed earnings of limited partnerships | $ 952,000,000 | $ 1,300,000,000 | ||
Percentage of carrying value reported on a current basis | 70.80% | |||
Percentage of carrying value reported on one month lag | 12.80% | |||
Percentage of limited partnerships comprising of the carrying value that employ hedge fund strategies | 76.60% | 76.60% | 78.60% | |
Percentage of limited partnerships comprising of the carrying value that invested in private debt and equity | 23.40% | 23.40% | 18.60% | |
Percentage of limited partnerships employing hedge fund strategies focused on equity investments | 56.40% | 56.40% | ||
Percentage of limited partnerships employing hedge fund strategies with a multi-strategy approach | 28.90% | 28.90% | ||
Percentage of limited partnerships employing hedge fund strategies focused on distressed investments | 11.40% | 11.40% | ||
Percentage of limited partnerships employing hedge fund strategies focused on fixed income investments | 3.30% | 3.30% | ||
Ownership percentage of aggregate partnership equity | 2.80% | 2.80% | 3.90% | |
Changes in ownership percentage of aggregate partnership equity | 2.80% | 4.30% | 3.70% | |
Withdrawal provisions limited partnership investments, description | The Company's limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year and in some cases do not permit withdrawals until the termination of the partnership. Typically, withdrawals require advance written notice of up to 90 days. | |||
Future capital call commitments | $ 398,000,000 | $ 398,000,000 | ||
Commitments to purchase various privately placed debt securities, including bank loans | 138,000,000 | 138,000,000 | ||
Commitments to sell various privately placed debt securities, including bank loans | 67,000,000 | 67,000,000 | ||
Securities deposited | 2,800,000,000 | 2,800,000,000 | $ 3,000,000,000 | |
Cash and securities with carrying values deposited as collateral for letters of credit | 364,000,000 | 364,000,000 | 361,000,000 | |
Securities deposited as collateral for letters of credit | 263,000,000 | 263,000,000 | 302,000,000 | |
Energy, Metals and Mining Sector [Member] | ||||
Schedule of Investments [Line Items] | ||||
Fixed maturities, fair value | 2,500,000,000 | 2,500,000,000 | ||
Fixed maturities, amortized cost | 2,700,000,000 | 2,700,000,000 | ||
Equity securities, fair value | 2,500,000,000 | 2,500,000,000 | ||
Equity securities, amortized cost | 2,700,000,000 | 2,700,000,000 | ||
Ten Largest Limited Partnership Holdings [Member] | ||||
Schedule of Investments [Line Items] | ||||
Carrying value of limited partnerships | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,800,000,000 |
Investments - Schedule of Net C
Investments - Schedule of Net Change in Unrealized Gains (Losses) on Available-for-Sale Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | $ (1,119) | $ 1,517 | $ (2,556) |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | (1,114) | 1,511 | (2,541) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | (6) | $ 6 | $ (15) |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | $ 1 |
Investments - Components of OTT
Investments - Components of OTTI Losses Recognized in Earnings by Asset Type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 156 | $ 77 | $ 76 |
Corporate and Other Bonds [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 104 | 18 | 20 |
States, Municipalities and Political Subdivisions [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 18 | 46 | |
Residential Mortgage-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 8 | 5 | 19 |
Other Asset-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 1 | 1 | 2 |
Total Asset-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 9 | 6 | 21 |
Total Fixed Maturities Available-for-Sale [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 131 | 70 | 41 |
Common Stock [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 25 | 7 | 8 |
Preferred Stock [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 26 | ||
Total Equity Securities Available-for-Sale [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 25 | $ 7 | 34 |
Short Term Investments [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 1 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Values of Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | $ 38,231 | $ 38,202 |
Gross Unrealized Gains | 2,773 | 3,640 |
Gross Unrealized Losses | 551 | 229 |
Estimated Fair Value | 40,453 | 41,613 |
Unrealized OTTI Losses (Gains) | (41) | (55) |
Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 37,407 | 37,469 |
Gross Unrealized Gains | 2,707 | 3,530 |
Gross Unrealized Losses | 413 | 114 |
Estimated Fair Value | 39,701 | 40,885 |
Unrealized OTTI Losses (Gains) | (41) | (55) |
Corporate and Other Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 17,097 | 17,226 |
Gross Unrealized Gains | 1,019 | 1,721 |
Gross Unrealized Losses | 347 | 61 |
Estimated Fair Value | 17,769 | 18,886 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 11,729 | 11,285 |
Gross Unrealized Gains | 1,453 | 1,463 |
Gross Unrealized Losses | 8 | 8 |
Estimated Fair Value | 13,174 | 12,740 |
Unrealized OTTI Losses (Gains) | (4) | |
Residential Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 4,935 | 5,028 |
Gross Unrealized Gains | 154 | 218 |
Gross Unrealized Losses | 17 | 13 |
Estimated Fair Value | 5,072 | 5,233 |
Unrealized OTTI Losses (Gains) | (37) | (53) |
Commercial Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 2,154 | 2,056 |
Gross Unrealized Gains | 55 | 93 |
Gross Unrealized Losses | 12 | 5 |
Estimated Fair Value | 2,197 | 2,144 |
Unrealized OTTI Losses (Gains) | (2) | |
Other Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 923 | 1,234 |
Gross Unrealized Gains | 6 | 11 |
Gross Unrealized Losses | 8 | 10 |
Estimated Fair Value | 921 | 1,235 |
Total Asset-Backed [Member] | Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 8,012 | 8,318 |
Gross Unrealized Gains | 215 | 322 |
Gross Unrealized Losses | 37 | 28 |
Estimated Fair Value | 8,190 | 8,612 |
Unrealized OTTI Losses (Gains) | (37) | (55) |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 62 | 26 |
Gross Unrealized Gains | 5 | 5 |
Estimated Fair Value | 67 | 31 |
Foreign Government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 334 | 438 |
Gross Unrealized Gains | 13 | 16 |
Gross Unrealized Losses | 1 | |
Estimated Fair Value | 346 | 454 |
Redeemable Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 33 | 39 |
Gross Unrealized Gains | 2 | 3 |
Estimated Fair Value | 35 | 42 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 37,267 | 37,332 |
Gross Unrealized Gains | 2,707 | 3,530 |
Gross Unrealized Losses | 393 | 97 |
Estimated Fair Value | 39,581 | 40,765 |
Unrealized OTTI Losses (Gains) | (41) | (55) |
Fixed Maturities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 140 | 137 |
Gross Unrealized Losses | 20 | 17 |
Estimated Fair Value | 120 | 120 |
Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 46 | 38 |
Gross Unrealized Gains | 3 | 9 |
Gross Unrealized Losses | 1 | |
Estimated Fair Value | 48 | 47 |
Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 145 | 172 |
Gross Unrealized Gains | 7 | 5 |
Gross Unrealized Losses | 3 | 2 |
Estimated Fair Value | 149 | 175 |
Total Equity Securities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 191 | 210 |
Gross Unrealized Gains | 10 | 14 |
Gross Unrealized Losses | 4 | 2 |
Estimated Fair Value | 197 | 222 |
Equity Securities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 633 | 523 |
Gross Unrealized Gains | 56 | 96 |
Gross Unrealized Losses | 134 | 113 |
Estimated Fair Value | 555 | 506 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 824 | 733 |
Gross Unrealized Gains | 66 | 110 |
Gross Unrealized Losses | 138 | 115 |
Estimated Fair Value | $ 752 | $ 728 |
Investments - Securities Availa
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Corporate and Other Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 4,882 | $ 1,330 |
Gross Unrealized Losses, Less than 12 Months | 302 | 46 |
Estimated Fair Value, 12 Months or Longer | 174 | 277 |
Gross Unrealized Losses, 12 Months or Longer | 45 | 15 |
Total Estimated Fair Value | 5,056 | 1,607 |
Total Gross Unrealized Losses | 347 | 61 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 338 | 335 |
Gross Unrealized Losses, Less than 12 Months | 8 | 5 |
Estimated Fair Value, 12 Months or Longer | 75 | 127 |
Gross Unrealized Losses, 12 Months or Longer | 3 | |
Total Estimated Fair Value | 413 | 462 |
Total Gross Unrealized Losses | 8 | 8 |
Residential Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 963 | 293 |
Gross Unrealized Losses, Less than 12 Months | 9 | 5 |
Estimated Fair Value, 12 Months or Longer | 164 | 189 |
Gross Unrealized Losses, 12 Months or Longer | 8 | 8 |
Total Estimated Fair Value | 1,127 | 482 |
Total Gross Unrealized Losses | 17 | 13 |
Commercial Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 652 | 264 |
Gross Unrealized Losses, Less than 12 Months | 10 | 2 |
Estimated Fair Value, 12 Months or Longer | 96 | 99 |
Gross Unrealized Losses, 12 Months or Longer | 2 | 3 |
Total Estimated Fair Value | 748 | 363 |
Total Gross Unrealized Losses | 12 | 5 |
Other Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 552 | 607 |
Gross Unrealized Losses, Less than 12 Months | 8 | 10 |
Estimated Fair Value, 12 Months or Longer | 5 | 7 |
Total Estimated Fair Value | 557 | 614 |
Total Gross Unrealized Losses | 8 | 10 |
Total Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 2,167 | 1,164 |
Gross Unrealized Losses, Less than 12 Months | 27 | 17 |
Estimated Fair Value, 12 Months or Longer | 265 | 295 |
Gross Unrealized Losses, 12 Months or Longer | 10 | 11 |
Total Estimated Fair Value | 2,432 | 1,459 |
Total Gross Unrealized Losses | 37 | 28 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 4 | 3 |
Estimated Fair Value, 12 Months or Longer | 4 | |
Total Estimated Fair Value | 4 | 7 |
Foreign Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 54 | 3 |
Gross Unrealized Losses, Less than 12 Months | 1 | |
Estimated Fair Value, 12 Months or Longer | 3 | |
Total Estimated Fair Value | 54 | 6 |
Total Gross Unrealized Losses | 1 | |
Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3 | 3 |
Total Estimated Fair Value | 3 | 3 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 7,448 | 2,838 |
Gross Unrealized Losses, Less than 12 Months | 338 | 68 |
Estimated Fair Value, 12 Months or Longer | 514 | 706 |
Gross Unrealized Losses, 12 Months or Longer | 55 | 29 |
Total Estimated Fair Value | 7,962 | 3,544 |
Total Gross Unrealized Losses | 393 | 97 |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3 | |
Gross Unrealized Losses, Less than 12 Months | 1 | |
Total Estimated Fair Value | 3 | |
Total Gross Unrealized Losses | 1 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 13 | 17 |
Gross Unrealized Losses, Less than 12 Months | 3 | 2 |
Estimated Fair Value, 12 Months or Longer | 1 | |
Total Estimated Fair Value | 13 | 18 |
Total Gross Unrealized Losses | 3 | 2 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 7,464 | 2,855 |
Gross Unrealized Losses, Less than 12 Months | 342 | 70 |
Estimated Fair Value, 12 Months or Longer | 514 | 707 |
Gross Unrealized Losses, 12 Months or Longer | 55 | 29 |
Total Estimated Fair Value | 7,978 | 3,562 |
Total Gross Unrealized Losses | $ 397 | $ 99 |
Investments - Pretax Credit Los
Investments - Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Beginning balance of credit losses on fixed maturity securities | $ 62 | $ 74 | $ 95 |
Additional credit losses for securities for which an OTTI loss was previously recognized | 2 | ||
Reductions for securities sold during the period | (9) | (9) | (23) |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | (3) | ||
Ending balance of credit losses on fixed maturity securities | $ 53 | $ 62 | $ 74 |
Investments - Available-for-Sal
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost or Amortized Cost, Due in one year or less | $ 1,574 | $ 2,479 |
Cost or Amortized Cost, Due after one year through five years | 7,738 | 9,070 |
Cost or Amortized Cost, Due after five years through ten years | 14,652 | 12,055 |
Cost or Amortized Cost, Due after ten years | 13,303 | 13,728 |
Cost or Amortized Cost, Total | 37,267 | 37,332 |
Estimated Fair Value, Due in one year or less | 1,595 | 2,511 |
Estimated Fair Value, Due after one year through five years | 8,082 | 9,621 |
Estimated Fair Value, Due after five years through ten years | 14,915 | 12,584 |
Estimated Fair Value, Due after ten years | 14,989 | 16,049 |
Estimated Fair Value, Total | $ 39,581 | $ 40,765 |
Investments - Summary of Aggreg
Investments - Summary of Aggregate Contractual or Notional Amount and Estimated Fair Value Related to Derivative Financial Instruments (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Embedded Derivative on Funds Withheld Liability [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 179,000,000 | $ 184,000,000 |
Estimated Fair Value, Asset | 5,000,000 | |
Estimated Fair Value, (Liability) | (3,000,000) | |
With Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 70,000,000 | |
Estimated Fair Value, (Liability) | (5,000,000) | |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 152,000,000 | 88,000,000 |
Estimated Fair Value, Asset | 2,000,000 | |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 501,000,000 | 544,000,000 |
Estimated Fair Value, Asset | 16,000,000 | 24,000,000 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 614,000,000 | 292,000,000 |
Estimated Fair Value, (Liability) | (28,000,000) | (21,000,000) |
Without Hedge Designation [Member] | Equity Futures - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 312,000,000 | |
Estimated Fair Value, (Liability) | (1,000,000) | |
Without Hedge Designation [Member] | Equity Futures - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 130,000,000 | |
Estimated Fair Value, Asset | 2,000,000 | |
Without Hedge Designation [Member] | Interest Rate Futures - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 63,000,000 | |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 133,000,000 | 109,000,000 |
Estimated Fair Value, Asset | 2,000,000 | |
Estimated Fair Value, (Liability) | (3,000,000) | |
Without Hedge Designation [Member] | Currency Options - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 550,000,000 | 151,000,000 |
Estimated Fair Value, Asset | $ 7,000,000 | $ 7,000,000 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | $ 17,769 | $ 18,886 |
States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 13,174 | 12,740 |
Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 5,072 | 5,233 |
Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2,197 | 2,144 |
Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 921 | 1,235 |
Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 8,190 | 8,612 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 67 | 31 |
Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 346 | 454 |
Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 35 | 42 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 39,581 | 40,765 |
Fixed Maturities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 120 | 120 |
Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 39,701 | 40,885 |
Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 197 | 222 |
Equity Securities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 555 | 506 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 752 | 728 |
Short Term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 4,734 | 5,952 |
Other Invested Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 146 | 143 |
Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 12 | 9 |
Life Settlement Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 74 | 82 |
Payable to Brokers [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | (196) | (552) |
Level 1 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 32 | |
Level 1 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 66 | 28 |
Level 1 [Member] | Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 41 | |
Level 1 [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 35 | 30 |
Level 1 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 101 | 131 |
Level 1 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 101 | 131 |
Level 1 [Member] | Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 177 | 145 |
Level 1 [Member] | Equity Securities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 554 | 505 |
Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 731 | 650 |
Level 1 [Member] | Short Term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 3,600 | 4,989 |
Level 1 [Member] | Other Invested Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 102 | 102 |
Level 1 [Member] | Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2 | |
Level 1 [Member] | Payable to Brokers [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | (196) | (546) |
Level 2 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 17,601 | 18,692 |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 13,172 | 12,646 |
Level 2 [Member] | Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 4,938 | 5,044 |
Level 2 [Member] | Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2,175 | 2,061 |
Level 2 [Member] | Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 868 | 580 |
Level 2 [Member] | Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 7,981 | 7,685 |
Level 2 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1 | 3 |
Level 2 [Member] | Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 346 | 413 |
Level 2 [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 12 | |
Level 2 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 39,101 | 39,451 |
Level 2 [Member] | Fixed Maturities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 35 | 30 |
Level 2 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 39,136 | 39,481 |
Level 2 [Member] | Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 61 | |
Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 61 | |
Level 2 [Member] | Short Term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1,134 | 963 |
Level 2 [Member] | Other Invested Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 44 | 41 |
Level 2 [Member] | Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 9 | 7 |
Level 2 [Member] | Payable to Brokers [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | (6) | |
Level 3 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 168 | 162 |
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2 | 94 |
Level 3 [Member] | Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 134 | 189 |
Level 3 [Member] | Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 22 | 83 |
Level 3 [Member] | Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 53 | 655 |
Level 3 [Member] | Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 209 | 927 |
Level 3 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 379 | 1,183 |
Level 3 [Member] | Fixed Maturities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 85 | 90 |
Level 3 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 464 | 1,273 |
Level 3 [Member] | Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 20 | 16 |
Level 3 [Member] | Equity Securities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1 | 1 |
Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 21 | 17 |
Level 3 [Member] | Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 3 | |
Level 3 [Member] | Life Settlement Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | $ 74 | $ 82 |
Fair Value - Reconciliations of
Fair Value - Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Financial Instruments, Net [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ (3) | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | |
Sales | $ 3 | 2 |
Ending balance | 3 | |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | 2 | |
Corporate and Other Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 162 | 204 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | (2) | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (3) | (1) |
Purchases | 65 | 33 |
Sales | (13) | (23) |
Settlements | (35) | (16) |
Transfers into Level 3 | 40 | 18 |
Transfers out of Level 3 | (46) | (55) |
Ending balance | 168 | 162 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (2) | |
States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 94 | 71 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 4 | |
Purchases | 14 | |
Sales | (10) | |
Settlements | (10) | |
Transfers into Level 3 | 14 | |
Transfers out of Level 3 | (83) | |
Ending balance | 2 | 94 |
Residential Mortgage-Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 189 | 331 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 5 | (21) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (3) | 61 |
Purchases | 81 | 94 |
Sales | (174) | |
Settlements | (35) | (72) |
Transfers into Level 3 | 14 | 32 |
Transfers out of Level 3 | (117) | (62) |
Ending balance | 134 | 189 |
Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 83 | 151 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 7 | 7 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (4) | (6) |
Purchases | 23 | 28 |
Sales | (60) | |
Settlements | (17) | (29) |
Transfers into Level 3 | 17 | 43 |
Transfers out of Level 3 | (87) | (51) |
Ending balance | 22 | 83 |
Other Asset-Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 655 | 446 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 3 | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | (6) |
Purchases | 130 | 488 |
Sales | (263) | (111) |
Settlements | (52) | (117) |
Transfers into Level 3 | 7 | |
Transfers out of Level 3 | (430) | (47) |
Ending balance | 53 | 655 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (1) | |
Total Asset-Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 927 | 928 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 15 | (12) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (4) | 49 |
Purchases | 234 | 610 |
Sales | (263) | (345) |
Settlements | (104) | (218) |
Transfers into Level 3 | 38 | 75 |
Transfers out of Level 3 | (634) | (160) |
Ending balance | 209 | 927 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (1) | |
Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1,183 | 1,203 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 14 | (9) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (7) | 52 |
Purchases | 299 | 657 |
Sales | (276) | (378) |
Settlements | (149) | (234) |
Transfers into Level 3 | 78 | 107 |
Transfers out of Level 3 | (763) | (215) |
Ending balance | 379 | 1,183 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (2) | (1) |
Fixed Maturities Trading [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 90 | 80 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | (3) | 11 |
Sales | (2) | (1) |
Ending balance | 85 | 90 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (3) | 11 |
Fixed Maturity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1,273 | 1,283 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 11 | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (7) | 52 |
Purchases | 299 | 657 |
Sales | (278) | (379) |
Settlements | (149) | (234) |
Transfers into Level 3 | 78 | 107 |
Transfers out of Level 3 | (763) | (215) |
Ending balance | 464 | 1,273 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (5) | 10 |
Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 16 | 11 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 3 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (1) | (6) |
Purchases | 4 | 16 |
Sales | (8) | |
Transfers into Level 3 | 1 | |
Ending balance | 20 | 16 |
Equity Securities Trading [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1 | 8 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | (1) |
Purchases | 1 | |
Sales | (2) | (6) |
Ending balance | 1 | 1 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | 1 | 1 |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 17 | 19 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (1) | (6) |
Purchases | 5 | 16 |
Sales | (2) | (14) |
Transfers into Level 3 | 1 | |
Ending balance | 21 | 17 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | 1 | 1 |
Life Settlement Contracts [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 82 | 88 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 25 | 33 |
Settlements | (33) | (39) |
Ending balance | 74 | 82 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | $ 1 | 8 |
Separate Account Business [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1 | |
Transfers out of Level 3 | $ (1) |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Transfers out of Level 2 to Level 1, Assets | $ 63 | $ 24 |
Transfers out of Level 1 to Level 2, Assets | $ 52 | $ 1 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 6.00% | 3.00% |
Fixed Maturity Securities [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 138 | $ 101 |
Valuation Techniques | Discounted cash flow | |
Fixed Maturity Securities [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 3.00% | 2.00% |
Fixed Maturity Securities [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 184.00% | 13.00% |
Life Settlement Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate risk premium | 9.00% | 9.00% |
Mortality assumption | 164.00% | 163.00% |
Life Settlement Contracts [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 74 | $ 82 |
Valuation Techniques | Discounted cash flow | |
Life Settlement Contracts [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortality assumption | 55.00% | 55.00% |
Life Settlement Contracts [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortality assumption | 1676.00% | 1676.00% |
Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Private offering price | $ 600 | |
Equity Securities [Member] | Market approach [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 16 | |
Equity Securities [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Private offering price | $ 12 | |
Equity Securities [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Private offering price | $ 4,391 |
Fair Value - Carrying Amount, E
Fair Value - Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | $ 688 | $ 608 |
Short term debt | 1,052 | 339 |
Long term debt | 9,133 | 10,719 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 678 | 588 |
Short term debt | 1,038 | 334 |
Long term debt | 9,530 | 10,320 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | 1,050 | 255 |
Long term debt | 8,538 | 10,299 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 688 | 608 |
Short term debt | 2 | 84 |
Long term debt | $ 595 | $ 420 |
Receivables - Receivables (Deta
Receivables - Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Reinsurance (Note 15) | $ 4,491 | $ 4,742 |
Insurance | 2,129 | 1,997 |
Receivable from brokers | 471 | 84 |
Accrued investment income | 408 | 412 |
Federal income taxes | 45 | 27 |
Other, primarily customer accounts | 593 | 625 |
Total | 8,137 | 7,887 |
Less: allowance for doubtful accounts on reinsurance receivables | 38 | 48 |
allowance for other doubtful accounts | 58 | 69 |
Receivables | $ 8,041 | $ 7,770 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Construction in process | $ 494 | $ 578 |
Property, plant and equipment, net | 15,477 | 15,611 |
Pipeline Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 7,462 | 7,491 |
Offshore Drilling Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 6,071 | 6,459 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 1,450 | $ 1,083 |
Property, Plant and Equipment73
Property, Plant and Equipment - Components of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pipeline Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated DD&A | $ 1,887 | $ 1,620 |
Offshore Drilling Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated DD&A | 3,335 | 4,159 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated DD&A | $ 811 | $ 730 |
Property, Plant and Equipment74
Property, Plant and Equipment - DD&A Expense and Capital Expenditures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
DD&A | $ 955 | $ 861 | $ 774 |
Capital Expend. | 1,718 | 2,813 | 1,755 |
CNA Financial [Member] | |||
Property, Plant and Equipment [Line Items] | |||
DD&A | 74 | 69 | 72 |
Capital Expend. | 123 | 72 | 90 |
Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
DD&A | 494 | 457 | 389 |
Capital Expend. | 812 | 2,050 | 987 |
Boardwalk Pipeline [Member] | |||
Property, Plant and Equipment [Line Items] | |||
DD&A | 327 | 292 | 275 |
Capital Expend. | 390 | 378 | 305 |
Loews Hotels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
DD&A | 54 | 37 | 32 |
Capital Expend. | 389 | 289 | 369 |
Corporate and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
DD&A | 6 | 6 | 6 |
Capital Expend. | $ 4 | $ 24 | $ 4 |
Property, Plant and Equipment75
Property, Plant and Equipment - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016USD ($)Drilling_Rig | Dec. 31, 2015USD ($)RigsDrilling_RigDrillship | Dec. 31, 2014USD ($)RigsDrillship | Dec. 31, 2013USD ($) | Sep. 30, 2014Rigs | |
Property, Plant and Equipment [Line Items] | |||||
Capitalized interest related to the construction and upgrade of qualifying assets | $ 36,000,000 | $ 80,000,000 | $ 92,000,000 | ||
Net book value of equipment | 15,477,000,000 | 15,611,000,000 | |||
Construction in process | 494,000,000 | 578,000,000 | |||
Gain on sale of rings | 9,000,000 | ||||
Proceeds from sale | 17,000,000 | ||||
After tax gain on sale of rings | 3,000,000 | ||||
Asset impairment loss, before tax and noncontrolling interests | 0 | ||||
Offshore Drilling Equipment Two [Member] | Rigs [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Construction in process | $ 270,000,000 | $ 439,000,000 | |||
Number of equipments in construction | Rigs | 1 | 2 | |||
Jack-ups [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Net book value of equipment | $ 14,000,000 | ||||
Number of equipment transferred to other assets | Drilling_Rig | 5 | ||||
Jack-ups [Member] | Scenario, Forecast [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of drilling rigs sold | Drilling_Rig | 1 | ||||
Proceed from sale of equipment | $ 8,000,000 | ||||
Drilling Rigs [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of drilling rigs sold | Drilling_Rig | 9 | ||||
Gain on sale of rings | $ 5,000,000 | ||||
Diamond Offshore [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Asset impairment loss, before tax and noncontrolling interests | 861,000,000 | ||||
Asset impairment loss, net of tax and noncontrolling interests | $ 341,000,000 | ||||
Number of rigs currently cold stacked | Rigs | 6 | ||||
Carrying value of the rigs | $ 175,000,000 | $ 9,000,000 | |||
Number of property plant and equipment scrapped | Rigs | 2 | 6 | |||
Diamond Offshore [Member] | Offshore Drilling Equipment One [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Net book value of equipment | $ 655,000,000 | $ 2,700,000,000 | |||
Construction in process | $ 225,000,000 | $ 1,300,000,000 | |||
Diamond Offshore [Member] | Offshore Drilling Equipment One [Member] | Ultra-deepwater Drillships [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of equipments delivered | Drillship | 1 | 3 | |||
Diamond Offshore [Member] | Offshore Drilling Equipment One [Member] | Ultra Deep Water Floater Rig [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of equipments delivered | Drillship | 2 | ||||
Diamond Offshore [Member] | Mid-Water Rigs [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Asset impairment loss, before tax and noncontrolling interests | $ 109,000,000 | ||||
Asset impairment loss, net of tax and noncontrolling interests | $ 55,000,000 | ||||
Number of property plant and equipment scrapped | Rigs | 5 | ||||
Diamond Offshore [Member] | Drilling Rigs [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number rigs used for evaluated for impairment | Drilling_Rig | 25 | ||||
Number of equipments impaired | Rigs | 17 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 374 | $ 357 |
Impairments | (20) | |
Additions | 22 | |
Dispositions | (3) | |
Other adjustments | (3) | (2) |
Goodwill, ending balance | 351 | 374 |
CNA Financial [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 117 | 119 |
Other adjustments | (3) | (2) |
Goodwill, ending balance | 114 | 117 |
Diamond Offshore [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 20 | 20 |
Impairments | (20) | |
Goodwill, ending balance | 20 | |
Boardwalk Pipeline [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 237 | 215 |
Additions | 22 | |
Goodwill, ending balance | $ 237 | 237 |
Loews Hotels [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 3 | |
Dispositions | $ (3) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 20 | |
Diamond Offshore Drilling, Inc. [Member] | ||
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 20 |
Claim and Claim Adjustment Ex78
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Catastrophe losses, net of reinsurance | $ 141 | $ 156 | $ 169 | |
Additional amounts ceded under LPT | $ 900 | |||
Fair value of the collateral trust account | 2,800 | 3,400 | ||
International [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Commutation of third party capital provider, percentage | 15.00% | |||
Percentage of premium, losses and expenses | 15.00% | |||
Commercial [Member] | CNA Financial [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable development in accident years | 80 | 139 | $ 91 | |
1996 and Prior [Member] | Commercial [Member] | CNA Financial [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable development in accident years | 26 | |||
Asbestos and Environmental Pollution Reserves [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net A&EP claim and allocated claim adjustment expense reserves | $ 1,600 | |||
Aggregate limit under A&EP Loss Portfolio Transfer | 4,000 | |||
Ceded A&EP claim and allocated claim adjustment expense reserves | 1,200 | |||
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer | 2,000 | |||
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer | 215 | |||
Total consideration | 2,200 | $ 2,200 | ||
Cumulative amounts ceded under the Loss Portfolio Transfer | 2,600 | 2,500 | ||
Remaining unrecognized retroactive reinsurance benefit | 241 | 176 | ||
Life & Group Non-Core [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable net prior year development | $ 50 | $ 14 | $ 9 |
Claim and Claim Adjustment Ex79
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Gross reserves, beginning of year | $ 23,271 | $ 24,089 | $ 24,763 |
Ceded reserves, beginning of year | 4,344 | 4,972 | 5,126 |
Net reserves, beginning of year | 18,927 | 19,117 | 19,637 |
Change in net reserves due to acquisition (disposition) of subsidiaries | (13) | ||
Net incurred claim and claim adjustment expenses: | |||
Provision for insured events of current year | 4,934 | 5,043 | 5,114 |
Decrease in provision for insured events of prior years | (255) | (36) | (115) |
Amortization of discount | 166 | 161 | 154 |
Total net incurred | 4,845 | 5,168 | 5,153 |
Net payments attributable to: | |||
Current year events | (856) | (945) | (981) |
Prior year events | (4,089) | (4,355) | (4,588) |
Total net payments | (4,945) | (5,300) | (5,569) |
Foreign currency translation adjustment and other | (251) | (45) | (104) |
Net reserves, end of year | 18,576 | 18,927 | 19,117 |
Ceded reserves, end of year | 4,087 | 4,344 | 4,972 |
Gross reserves, end of year | $ 22,663 | $ 23,271 | $ 24,089 |
Claim and Claim Adjustment Ex80
Claim and Claim Adjustment Expense Reserves - Summary of Gross and Net Carried Reserves (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | $ 12,102 | $ 12,256 | ||
Gross IBNR Reserves | 10,561 | 11,015 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 22,663 | 23,271 | ||
Net Case Reserves | 9,836 | 10,190 | ||
Net IBNR Reserves | 8,740 | 8,737 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 18,576 | 18,927 | $ 19,117 | $ 19,637 |
Specialty [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 2,011 | 2,136 | ||
Gross IBNR Reserves | 4,258 | 4,093 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 6,269 | 6,229 | ||
Net Case Reserves | 1,810 | 1,929 | ||
Net IBNR Reserves | 3,758 | 3,726 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 5,568 | 5,655 | ||
Commercial [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 4,975 | 5,298 | ||
Gross IBNR Reserves | 4,208 | 4,216 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 9,183 | 9,514 | ||
Net Case Reserves | 4,651 | 4,947 | ||
Net IBNR Reserves | 3,925 | 3,906 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 8,576 | 8,853 | ||
International [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 622 | 752 | ||
Gross IBNR Reserves | 725 | 689 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 1,347 | 1,441 | ||
Net Case Reserves | 531 | 598 | ||
Net IBNR Reserves | 688 | 663 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 1,219 | 1,261 | ||
Other Non-Core [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 4,494 | 4,070 | ||
Gross IBNR Reserves | 1,370 | 2,017 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 5,864 | 6,087 | ||
Net Case Reserves | 2,844 | 2,716 | ||
Net IBNR Reserves | 369 | 442 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | $ 3,213 | $ 3,158 |
Claim and Claim Adjustment Ex81
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (210) | $ (21) | $ (118) |
Pretax (favorable) unfavorable premium development | (8) | (32) | (42) |
Total pretax (favorable) unfavorable net prior year development | (218) | (53) | (160) |
CNA Financial [Member] | Specialty [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (141) | (136) | (196) |
Pretax (favorable) unfavorable premium development | (11) | (13) | (14) |
Total pretax (favorable) unfavorable net prior year development | (152) | (149) | (210) |
CNA Financial [Member] | Commercial [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (15) | 176 | 122 |
Pretax (favorable) unfavorable premium development | (15) | (20) | (8) |
Total pretax (favorable) unfavorable net prior year development | (30) | 156 | 114 |
CNA Financial [Member] | International [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (54) | (59) | (38) |
Pretax (favorable) unfavorable premium development | 18 | 2 | (21) |
Total pretax (favorable) unfavorable net prior year development | $ (36) | (57) | (59) |
Other [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (2) | (6) | |
Pretax (favorable) unfavorable premium development | (1) | 1 | |
Total pretax (favorable) unfavorable net prior year development | $ (3) | $ (5) |
Claim and Claim Adjustment Ex82
Claim and Claim Adjustment Expense Reserves - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Total pretax (favorable) unfavorable development | $ (210) | $ (21) | $ (118) |
CNA Financial [Member] | Specialty [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Medical professional liability | (43) | 39 | (27) |
Other professional liability and management liability | (87) | (73) | |
Surety | (69) | (82) | (74) |
Warranty | (2) | (2) | (3) |
Other | (27) | (4) | (19) |
Total pretax (favorable) unfavorable development | (141) | (136) | (196) |
CNA Financial [Member] | International [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Medical professional liability | (9) | (7) | (7) |
Other professional liability | (16) | (26) | (30) |
General liability | (17) | (13) | (8) |
Property & marine | (29) | (14) | 13 |
Other | 17 | (9) | (17) |
Commutations | 10 | 11 | |
Total pretax (favorable) unfavorable development | (54) | (59) | (38) |
CNA Financial [Member] | Commercial [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Commercial auto | (22) | 31 | 18 |
General liability | (33) | 45 | 64 |
Workers' compensation | 80 | 139 | 91 |
Property and other | (40) | (39) | (51) |
Total pretax (favorable) unfavorable development | $ (15) | $ 176 | $ 122 |
Claim and Claim Adjustment Ex83
Claim and Claim Adjustment Expense Reserves - Impact of Loss Portfolio Transfer on Consolidated Statements of Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Insurance [Abstract] | |||
Net A&EP adverse development before consideration of LPT | $ 150 | $ 363 | |
Provision for uncollectible third party reinsurance on A&EP | 140 | ||
Additional amounts ceded under LPT | 150 | 503 | |
Retroactive reinsurance benefit recognized | (85) | $ (13) | (314) |
Pretax impact of deferred retroactive reinsurance | $ 65 | $ (13) | $ 189 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Rent expense | $ 85 | $ 94 | $ 83 |
Operating leases, Future Minimum Lease Payments, 2016 | 59 | ||
Operating leases, Future Minimum Lease Payments, 2017 | 53 | ||
Operating leases, Future Minimum Lease Payments, 2018 | 51 | ||
Operating leases, Future Minimum Lease Payments, 2019 | 46 | ||
Operating leases, Future Minimum Lease Payments, 2020 | 43 | ||
Operating leases, Future Minimum Lease Payments, Thereafter | $ 242 | ||
CNA Financial [Member] | |||
Operating Leased Assets [Line Items] | |||
Expected year for relocation of office space under lease agreement | 2,018 | ||
Operating leases, Future Minimum Lease Payments, 2016 | $ 9 | ||
Operating leases, Future Minimum Lease Payments, 2017 | 10 | ||
Operating leases, Future Minimum Lease Payments, 2018 | 4 | ||
Operating leases, Future Minimum Lease Payments, 2019 | 0 | ||
Operating leases, Future Minimum Lease Payments, 2020 | 5 | ||
Operating leases, Future Minimum Lease Payments, Thereafter | $ 138 | ||
Operating leases remaining term of contract after reported periods | 17 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Operating leases, Future Minimum Lease Payments, 2016 | $ 59 |
Operating leases, Future Minimum Lease Payments, 2017 | 53 |
Operating leases, Future Minimum Lease Payments, 2018 | 51 |
Operating leases, Future Minimum Lease Payments, 2019 | 46 |
Operating leases, Future Minimum Lease Payments, 2020 | 43 |
Operating leases, Future Minimum Lease Payments, Thereafter | 242 |
Operating leases, Future Minimum Lease Payments, Total | 494 |
Operating leases, Future Minimum Lease Receipts, 2016 | 5 |
Operating leases, Future Minimum Lease Receipts, 2017 | 5 |
Operating leases, Future Minimum Lease Receipts, 2018 | 5 |
Operating leases, Future Minimum Lease Receipts, 2019 | 5 |
Operating leases, Future Minimum Lease Receipts, 2020 | 4 |
Operating leases, Future Minimum Lease Receipts, Thereafter | 23 |
Operating leases, Future Minimum Lease Receipts, Total | $ 47 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||||
Undistributed earning related to foreign subsidiaries | $ 2,000 | |||||
Income tax expense related to penalties | 2 | $ 38 | ||||
Income tax benefit related to penalties | $ 22 | |||||
Reduction to income tax expense | 28 | |||||
Reversal of reserves and accrual for uncertain tax positions | $ 36 | 11 | ||||
Reversal of reserves and accrual for uncertain tax positions, interest | 6 | 4 | ||||
Reversal of reserves and accrual for uncertain tax positions, penalties | $ 11 | 1 | ||||
Net operating loss carryforwards | 245 | 321 | ||||
Federal [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Net operating loss carryforwards | $ 138 | |||||
Net operating loss carryforwards expiration year | 2034 and 2035 | |||||
Tax credit carryforwards | $ 83 | |||||
Foreign [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Net operating loss carryforwards expiration year | 2020 and 2025 | |||||
Net operating loss carryforwards in foreign tax jurisdictions | $ 66 | |||||
Tax credit carryforwards | $ 46 | |||||
Tax credit carryforwards expiration year | 2024 and 2025 | |||||
Net operating loss carryforwards indefinitely | $ 32 | |||||
CNA Financial [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Equity ownership percentage | 80.00% | |||||
Diamond Offshore [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Amount of unrecognized tax benefits would affect the effective tax rate if recognized | $ 76 | $ 49 | 76 | $ 51 | ||
Reduction to income tax expense | $ 17 | |||||
Potential tax expense related to income tax examination | $ 53 | |||||
Diamond Offshore [Member] | Egyptian Tax Authorities [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Proposed increase to taxable income | $ 1,200 | |||||
Potential tax expense related to income tax examination | $ 57 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax expense (benefit): | |||
Federal income tax expense (benefit), Current | $ 79 | $ 370 | $ 705 |
Federal income tax expense (benefit), Deferred | (234) | (23) | (232) |
State and city income tax expense (benefit), Current | 21 | 12 | 19 |
State and city income tax expense (benefit), Deferred | 5 | 6 | 1 |
Foreign income tax expense (benefit) | 86 | 92 | 163 |
Income tax expense (benefit) | $ (43) | $ 457 | $ 656 |
Income Taxes - Components of U.
Income Taxes - Components of U.S. and Foreign Income and Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income before income tax: | |||
Income before income tax, U.S. | $ 543 | $ 1,499 | $ 1,945 |
Income before income tax, Foreign | (299) | 311 | 332 |
Income before income tax | 244 | 1,810 | 2,277 |
Income tax expense at statutory rate | 86 | 633 | 797 |
Increase (decrease) in income tax expense resulting from: | |||
Exempt investment income | (126) | (121) | (99) |
Foreign related tax differential | (18) | (48) | (117) |
Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions | 38 | 44 | 31 |
Taxes related to domestic affiliate | (10) | 14 | 19 |
Partnership earnings not subject to taxes | (38) | (39) | (38) |
Unrecognized tax benefit (expense) | 1 | (42) | 66 |
Other | 24 | 16 | (3) |
Income tax expense (benefit) | $ (43) | $ 457 | $ 656 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ 57 | $ 91 | $ 67 |
Additions based on tax positions related to the current year | 7 | 6 | 2 |
Additions for tax positions related to a prior year | 31 | ||
Reductions for tax positions related to a prior year | (3) | (35) | (7) |
Lapse of statute of limitations | (7) | (5) | (2) |
Balance at December 31 | $ 54 | $ 57 | $ 91 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Property and casualty claim and claim adjustment expense reserves | $ 178 | $ 265 |
Unearned premium reserves | 230 | 187 |
Receivables | 30 | 37 |
Employee benefits | 419 | 432 |
Life settlement contracts | 48 | 46 |
Deferred retroactive reinsurance benefit | 84 | 61 |
Net operating loss carryforwards | 245 | 321 |
Tax credit carryforwards | 131 | 93 |
Basis differential in investment in subsidiary | 19 | 21 |
Other | 282 | 209 |
Total deferred tax assets | 1,666 | 1,672 |
Valuation allowance | (147) | (48) |
Net deferred tax assets | 1,519 | 1,624 |
Deferred tax liabilities: | ||
Deferred acquisition costs | (117) | (226) |
Net unrealized gains | (166) | (469) |
Property, plant and equipment | (998) | (1,132) |
Basis differential in investment in subsidiary | (428) | (472) |
Other liabilities | (173) | (204) |
Deferred tax liabilities | (1,882) | (2,503) |
Net deferred tax liability | $ (363) | $ (879) |
Income Taxes - Summary of Def91
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets | $ 1,666 | $ 1,672 |
Other Assets [Member] | ||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets | $ 19 | $ 14 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt, Gross | $ 10,647 | $ 10,736 |
Less unamortized discount | 64 | 68 |
Debt | 10,583 | 10,668 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 287 | |
Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 1,700 | |
Less unamortized discount | 19 | |
CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 2,577 | |
Less unamortized discount | 11 | |
Capital lease obligation | 4 | 2 |
Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 2,287 | |
Less unamortized discount | 18 | |
Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 3,485 | |
Less unamortized discount | 16 | |
Capital lease obligation | 10 | 10 |
Loews Hotels [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 598 | 506 |
5.3% Notes Due 2016 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 400 | 400 |
2.6% Notes Due 2023 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
6.0% Notes Due 2035 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
4.1% Notes Due 2043 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
6.5% Notes Due 2016 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 350 | 350 |
7.0% Notes Due 2018 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 150 | 150 |
7.4% Notes Due 2019 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 350 | 350 |
5.9% Notes Due 2020 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
5.8% Notes Due 2021 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 400 | 400 |
7.3% Debentures Due 2023 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 243 | 243 |
4.0% Notes Due 2024 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 550 | 550 |
Variable Rate Note Due 2036 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 30 | 30 |
4.9% Notes Due 2015 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 250 | |
5.9% Notes Due 2019 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
3.5% Senior Notes Due 2023 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 250 | 250 |
5.7% Notes Due 2039 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
4.9% Notes Due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 750 | 750 |
Variable Rate Revolving Credit Facility Due 2020 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 375 | 120 |
Variable Rate Term Loan Due 2017 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 200 | |
4.6% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 250 | |
5.1% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 275 | |
5.9% Notes Due 2016 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 250 | 250 |
5.5% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
6.3% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 275 | 275 |
5.2% Notes Due 2018 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 185 | 185 |
5.8% Notes Due 2019 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 350 | 350 |
4.5% Notes Due 2021 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 440 | 440 |
4.0% Notes Due 2022 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
3.4% Notes Due 2023 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
5.0% Notes Due 2024 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 600 | 350 |
7.3% Debentures Due 2027 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | $ 100 | $ 100 |
Debt - Schedule of Long-Term 93
Debt - Schedule of Long-Term Debt Instruments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Loews Hotels [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 4.10% | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, weighted average interest rate | 0.90% | ||
Commercial Paper [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, weighted average interest rate | 0.90% | ||
5.3% Notes Due 2016 [Member] | Loews Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.30% | ||
Maturity year | 2,016 | ||
Effective interest rate | 5.40% | ||
Debt authorized | $ 400,000,000 | ||
2.6% Notes Due 2023 [Member] | Loews Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.60% | ||
Maturity year | 2,023 | ||
Effective interest rate | 2.80% | ||
Debt authorized | $ 500,000,000 | ||
6.0% Notes Due 2035 [Member] | Loews Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.00% | ||
Maturity year | 2,035 | ||
Effective interest rate | 6.20% | ||
Debt authorized | $ 300,000,000 | ||
4.1% Notes Due 2043 [Member] | Loews Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.10% | ||
Maturity year | 2,043 | ||
Effective interest rate | 4.30% | ||
Debt authorized | $ 500,000,000 | ||
6.5% Notes Due 2016 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.50% | ||
Maturity year | 2,016 | ||
Effective interest rate | 6.60% | ||
Debt authorized | $ 350,000,000 | ||
7.0% Notes Due 2018 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.00% | ||
Maturity year | 2,018 | ||
Effective interest rate | 7.10% | ||
Debt authorized | $ 150,000,000 | ||
7.4% Notes Due 2019 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.40% | ||
Maturity year | 2,019 | ||
Effective interest rate | 7.50% | ||
Debt authorized | $ 350,000,000 | ||
5.9% Notes Due 2020 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | ||
Maturity year | 2,020 | ||
Effective interest rate | 6.00% | ||
Debt authorized | $ 500,000,000 | ||
5.8% Notes Due 2021 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.80% | ||
Maturity year | 2,021 | ||
Effective interest rate | 5.90% | ||
Debt authorized | $ 400,000,000 | ||
7.3% Debentures Due 2023 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.30% | ||
Maturity year | 2,023 | ||
Effective interest rate | 7.30% | ||
Debt authorized | $ 250,000,000 | ||
4.0% Notes Due 2024 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.00% | ||
Maturity year | 2,024 | ||
Effective interest rate | 4.00% | ||
Debt authorized | $ 550,000,000 | ||
Variable Rate Note Due 2036 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2,036 | ||
Effective interest rate | 3.80% | 3.50% | |
4.9% Notes Due 2015 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.90% | ||
Maturity year | 2,015 | ||
Effective interest rate | 5.00% | ||
Debt authorized | $ 250,000,000 | ||
5.9% Notes Due 2019 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | ||
Maturity year | 2,019 | ||
Effective interest rate | 6.00% | ||
Debt authorized | $ 500,000,000 | ||
3.5% Senior Notes Due 2023 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.50% | ||
Maturity year | 2,023 | ||
Effective interest rate | 3.60% | ||
Debt authorized | $ 250,000,000 | ||
5.7% Notes Due 2039 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.70% | ||
Maturity year | 2,039 | ||
Effective interest rate | 5.80% | ||
Debt authorized | $ 500,000,000 | ||
4.9% Notes Due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.90% | ||
Maturity year | 2,043 | ||
Effective interest rate | 5.00% | ||
Debt authorized | $ 750,000,000 | ||
Variable Rate Revolving Credit Facility Due 2020 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2,020 | ||
Effective interest rate | 1.70% | 1.50% | |
Variable Rate Term Loan Due 2017 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2,017 | ||
Effective interest rate | 1.90% | ||
4.6% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.60% | 4.60% | |
Maturity year | 2,015 | ||
Effective interest rate | 5.10% | ||
Debt authorized | $ 250,000,000 | $ 250,000,000 | |
5.1% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.10% | ||
Maturity year | 2,015 | ||
Effective interest rate | 5.20% | ||
Debt authorized | $ 275,000,000 | ||
5.9% Notes Due 2016 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | ||
Maturity year | 2,016 | ||
Effective interest rate | 6.00% | ||
Debt authorized | $ 250,000,000 | ||
5.5% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.50% | ||
Maturity year | 2,017 | ||
Effective interest rate | 5.60% | ||
Debt authorized | $ 300,000,000 | ||
6.3% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.30% | ||
Maturity year | 2,017 | ||
Effective interest rate | 6.40% | ||
Debt authorized | $ 275,000,000 | ||
5.2% Notes Due 2018 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.20% | ||
Maturity year | 2,018 | ||
Effective interest rate | 5.40% | ||
Debt authorized | $ 185,000,000 | ||
5.8% Notes Due 2019 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.80% | ||
Maturity year | 2,019 | ||
Effective interest rate | 5.90% | ||
Debt authorized | $ 350,000,000 | ||
4.5% Notes Due 2021 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | ||
Maturity year | 2,021 | ||
Effective interest rate | 5.00% | ||
Debt authorized | $ 440,000,000 | ||
4.0% Notes Due 2022 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.00% | ||
Maturity year | 2,022 | ||
Effective interest rate | 4.40% | ||
Debt authorized | $ 300,000,000 | ||
3.4% Notes Due 2023 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.40% | ||
Maturity year | 2,023 | ||
Effective interest rate | 3.50% | ||
Debt authorized | $ 300,000,000 | ||
5.0% Notes Due 2024 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.00% | ||
Maturity year | 2,024 | ||
Effective interest rate | 5.20% | ||
Debt authorized | $ 600,000,000 | $ 350,000,000 | |
7.3% Debentures Due 2027 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.30% | ||
Maturity year | 2,027 | ||
Effective interest rate | 8.10% | ||
Debt authorized | $ 100,000,000 |
Debt - Schedule of Debt by Subs
Debt - Schedule of Debt by Subsidiary (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Principal | $ 10,647 | $ 10,736 |
Unamortized Discount | 64 | 68 |
Net | 10,583 | |
Short term debt | 1,040 | 335 |
Long term debt | 9,543 | 10,333 |
Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 1,700 | |
Unamortized Discount | 19 | |
Net | 1,681 | |
Short term debt | 400 | |
Long term debt | 1,281 | |
CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 2,577 | |
Unamortized Discount | 11 | |
Net | 2,566 | |
Short term debt | 351 | |
Long term debt | 2,215 | |
Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 2,287 | |
Unamortized Discount | 18 | |
Net | 2,269 | |
Short term debt | 287 | |
Long term debt | 1,982 | |
Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 3,485 | |
Unamortized Discount | 16 | |
Net | 3,469 | |
Long term debt | 3,469 | |
Loews Hotels [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 598 | $ 506 |
Net | 598 | |
Short term debt | 2 | |
Long term debt | $ 596 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Dec. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Sep. 30, 2015USD ($)Extension | Dec. 31, 2015USD ($)Extension | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Nov. 30, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||
Aggregate of long term debt maturing, 2016 | $ 1,100,000,000 | $ 1,100,000,000 | |||||||
Aggregate of long term debt maturing, 2017 | 657,000,000 | 657,000,000 | |||||||
Aggregate of long term debt maturing, 2018 | 455,000,000 | 455,000,000 | |||||||
Aggregate of long term debt maturing, 2019 | 1,200,000,000 | 1,200,000,000 | |||||||
Aggregate of long term debt maturing, 2020 | 1,200,000,000 | 1,200,000,000 | |||||||
Aggregate of long term debt maturing, Thereafter | 6,000,000,000 | 6,000,000,000 | |||||||
Repayment of outstanding borrowings | 1,929,000,000 | $ 2,269,000,000 | $ 1,494,000,000 | ||||||
CNA Financial [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Acquisition of FHLBC stock | 17,000,000 | ||||||||
Outstanding borrowings | 0 | 0 | |||||||
Additional liquidity | 349,000,000 | 349,000,000 | |||||||
Diamond Offshore [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Additional available increase in borrowing capacity | 500,000,000 | $ 500,000,000 | |||||||
Number of one-year extensions | Extension | 1 | ||||||||
Boardwalk Pipeline [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of outstanding borrowings | $ 200,000,000 | ||||||||
Revolving Credit Facility [Member] | Diamond Offshore [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | 1,500,000,000 | 1,500,000,000 | |||||||
Revolving Credit Facility [Member] | Boardwalk Pipeline [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | $ 375,000,000 | $ 375,000,000 | $ 120,000,000 | $ 1,500,000,000 | |||||
Debt instrument, weighted average interest rate | 1.70% | 1.70% | 1.50% | ||||||
Debt maturity date | May 26, 2020 | ||||||||
Available borrowing capacity | $ 1,100,000,000 | $ 1,100,000,000 | |||||||
Senior Unsecured Revolving Credit Facility [Member] | Diamond Offshore [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | 1,500,000,000 | $ 1,500,000,000 | |||||||
Extended revolving credit facility maturity period | 2020-10 | ||||||||
Aggregate principal amount refinancing | 0 | $ 0 | $ 0 | ||||||
Senior Unsecured Revolving Credit Facility [Member] | Diamond Offshore [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | 40,000,000 | 40,000,000 | |||||||
Senior Unsecured Revolving Credit Facility [Member] | Diamond Offshore [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |||||||
Senior Unsecured Revolving Credit Facility [Member] | CNA Financial [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | $ 250,000,000 | ||||||||
Additional available increase in borrowing capacity | $ 100,000,000 | ||||||||
Senior unsecured revolving credit facility, term | 5 years | ||||||||
Number of one-year extensions | Extension | 2 | ||||||||
Borrowings under current and prior credit agreements | 0 | 0 | $ 0 | ||||||
Standby Letters of Credit [Member] | Diamond Offshore [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | 250,000,000 | 250,000,000 | |||||||
Swing Line Loans [Member] | Diamond Offshore [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | |||||||
Commercial Paper [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, weighted average interest rate | 0.90% | 0.90% | |||||||
Commercial Paper [Member] | Diamond Offshore [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from issuance of commercial paper | $ 287,000,000 | ||||||||
Debt instrument, weighted average interest rate | 0.90% | 0.90% | |||||||
Weighted average remaining term | 6 days | ||||||||
4.9% Senior Notes Due 2015 [Member] | Diamond Offshore [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument principal amount repaid | $ 250,000,000 | ||||||||
Debt instrument interest rate | 4.90% | ||||||||
Debt maturity date | Jul. 1, 2015 | ||||||||
5.1% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument principal amount repaid | $ 275,000,000 | ||||||||
Debt instrument interest rate | 5.10% | 5.10% | |||||||
Maturity date | 2,015 | ||||||||
Debt instrument principal amount | $ 275,000,000 | $ 275,000,000 | |||||||
5.9% Notes Due 2016 [Member] | Boardwalk Pipeline [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount refinancing | $ 250,000,000 | $ 250,000,000 | |||||||
Debt instrument interest rate | 5.90% | 5.90% | |||||||
Maturity date | 2,016 | ||||||||
Debt instrument principal amount | $ 250,000,000 | $ 250,000,000 | |||||||
5.0% Senior Notes Due 2024 [Member] | Boardwalk Pipeline [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate | 5.00% | 5.00% | |||||||
Debt maturity date | Dec. 15, 2024 | ||||||||
Debt instrument principal amount | $ 250,000,000 | $ 350,000,000 | |||||||
4.6% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate | 4.60% | 4.60% | 4.60% | ||||||
Debt maturity date | Jun. 1, 2015 | ||||||||
Maturity date | 2,015 | ||||||||
Debt instrument principal amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||||
Mortgage Loans [Member] | Loews Hotels [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maturity date | Oct. 1, 2018 | ||||||||
Debt instrument principal amount | $ 87,000,000 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | $ 280 | $ 339 | $ 678 |
Other comprehensive income (loss) before reclassifications, after tax | (795) | (28) | (368) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 77 | (41) | (10) |
Other comprehensive loss | (718) | (69) | (378) |
Issuance of equity securities by subsidiary | 1 | 2 | |
Amounts attributable to noncontrolling interests | 80 | 10 | 37 |
Ending, balance | (357) | 280 | 339 |
OTTI Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 32 | 23 | 18 |
Sale of subsidiaries | (5) | ||
Other comprehensive income (loss) before reclassifications, after tax | (23) | 15 | 6 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 14 | ||
Other comprehensive loss | (9) | 15 | 6 |
Amounts attributable to noncontrolling interests | 1 | (1) | (1) |
Ending, balance | 24 | 32 | 23 |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 846 | 622 | 1,233 |
Sale of subsidiaries | (15) | ||
Other comprehensive income (loss) before reclassifications, after tax | (600) | 295 | (658) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 43 | (28) | (21) |
Other comprehensive loss | (557) | 267 | (679) |
Amounts attributable to noncontrolling interests | 58 | (28) | 68 |
Ending, balance | 347 | 846 | 622 |
Discontinued Operations [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | (3) | 20 | |
Sale of subsidiaries | 20 | ||
Other comprehensive income (loss) before reclassifications, after tax | 2 | (6) | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | (21) | (17) | |
Other comprehensive loss | (19) | (23) | |
Amounts attributable to noncontrolling interests | 2 | ||
Ending, balance | (3) | ||
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | (6) | (4) | (4) |
Other comprehensive income (loss) before reclassifications, after tax | (2) | (2) | (6) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 7 | (1) | 6 |
Other comprehensive loss | 5 | (3) | |
Amounts attributable to noncontrolling interests | (2) | 1 | |
Ending, balance | (3) | (6) | (4) |
Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | (641) | (432) | (732) |
Other comprehensive income (loss) before reclassifications, after tax | (31) | (244) | 307 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 13 | 9 | 22 |
Other comprehensive loss | (18) | (235) | 329 |
Issuance of equity securities by subsidiary | 1 | 2 | |
Amounts attributable to noncontrolling interests | 9 | 26 | (31) |
Ending, balance | (649) | (641) | (432) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 49 | 133 | 143 |
Other comprehensive income (loss) before reclassifications, after tax | (139) | (94) | (11) |
Other comprehensive loss | (139) | (94) | (11) |
Amounts attributable to noncontrolling interests | 14 | 10 | 1 |
Ending, balance | $ (76) | $ 49 | $ 133 |
Shareholders' Equity - Compon97
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OTTI Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | $ 13 | $ (8) | $ (3) |
Tax on reclassification from accumulated other comprehensive income | (8) | 0 | 0 |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 313 | (132) | 354 |
Tax on reclassification from accumulated other comprehensive income | (31) | 10 | 10 |
Discontinued Operations [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | (3) | 3 |
Tax on reclassification from accumulated other comprehensive income | 0 | 16 | 10 |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 1 | 1 | 4 |
Tax on reclassification from accumulated other comprehensive income | (2) | 0 | (2) |
Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 16 | 132 | (165) |
Tax on reclassification from accumulated other comprehensive income | (11) | (7) | (12) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shareholders Equity [Line Items] | |||
Common stock dividend declared | $ 0.25 | $ 0.25 | $ 0.25 |
Common stock dividend paid | $ 0.25 | $ 0.25 | $ 0.25 |
Increase (decrease) in Additional paid-in capital | $ (2) | ||
Common stock, shares issued | 339,897,547 | 372,934,540 | |
Increase in accumulated other comprehensive income | $ 1 | $ 2 | |
Treasury stock repurchased, shares | 33,300,000 | 14,600,000 | 4,900,000 |
Purchase of Loews treasury stock | $ 1,265 | $ 622 | $ 218 |
Diamond Offshore [Member] | |||
Shareholders Equity [Line Items] | |||
Purchase of common stock | 1,100,000 | ||
Common stock, aggregate cost | $ 29 | ||
Increase (decrease) in Additional paid-in capital | $ 5 | ||
Diamond Offshore [Member] | Minimum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 52.00% | ||
Diamond Offshore [Member] | Maximum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 53.00% | ||
Boardwalk Pipeline [Member] | |||
Shareholders Equity [Line Items] | |||
Common stock, shares issued | 7,100,000 | ||
Proceeds from subsidiary public offering | $ 115 | ||
Contribution from the company | $ 2 | ||
General partner interest | 2.00% | ||
Boardwalk Pipeline [Member] | Minimum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 51.00% | ||
Boardwalk Pipeline [Member] | Maximum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 53.00% |
Statutory Accounting Practice99
Statutory Accounting Practices - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory Accounting Practices [Line Items] | ||
Increase in statutory capital and surplus | $ 90 | |
Combined Continental Casualty Companies [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Increase in statutory capital and surplus | 10,723 | $ 11,155 |
Dividends payable without prior supervisory approval | 1,100 | |
Dividends paid | $ 900 | |
Statutory capital and surplus percentage | 266.00% | 270.00% |
Statutory Accounting Practic100
Statutory Accounting Practices - Combined Statutory Capital and Surplus and Net Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Capital and Surplus | $ 90 | ||
Combined Continental Casualty Companies [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Capital and Surplus | 10,723 | $ 11,155 | |
Statutory Net Income | $ 1,148 | 914 | $ 913 |
Life Company [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income | $ 37 | $ 48 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Eligible age for several postretirement benefit plans | 55 years | ||||||
Eligible age for Medicare benefits | 65 years | ||||||
Increase of 1% in each year would increase the Company's accumulated postretirement benefit obligation | $ 2 | ||||||
Decrease of 1% in each year would decrease the Company's accumulated postretirement benefit obligation | $ 3 | ||||||
Health care cost trend rate | 1.00% | ||||||
Defined benefit plan obligation, curtailment | $ 55 | ||||||
Settlement payment | $ 253 | ||||||
Settlement charges recognized due to settlement | $ 84 | ||||||
Gain recognized due to curtailment | $ 86 | ||||||
Accumulated benefit obligation for all defined benefit pension plans | $ 3,200 | $ 3,400 | 3,200 | 3,400 | |||
Future capital calls from various third party limited partnership investments | 105 | ||||||
Amount contributed to the savings plans | $ 115 | $ 125 | $ 120 | ||||
Increased number of shares authorized under the stock option plan | 18,000,000 | ||||||
Maximum number of shares per employee, per year | 1,200,000 | ||||||
Options and "SAR's" vesting period, years | 4 years | ||||||
Options and "SAR's" expire, years | 10 years | ||||||
Total stock appreciation right | 924,000 | 924,000 | 910,375 | ||||
Awards Outstanding - Number of Shares | 7,361,358 | 6,908,778 | 7,361,358 | 6,908,778 | 6,476,391 | ||
"SAR's" available for grant | 5,357,709 | 6,099,228 | 5,357,709 | 6,099,228 | |||
Weighted average remaining contractual term of options outstanding (years) | 5 years 2 months 12 days | ||||||
Weighted average remaining contractual term of options exercisable (years) | 4 years 1 month 6 days | ||||||
Aggregate intrinsic value of awards outstanding | $ 9 | $ 9 | |||||
Aggregate intrinsic value of awards exercisable | 9 | 9 | |||||
Total intrinsic value of awards | 5 | $ 8 | $ 11 | ||||
Total fair value of shares vested | 6 | 7 | 7 | ||||
Tax benefits related to stock-based compensation | 2 | 2 | 2 | ||||
Compensation cost related to nonvested awards not yet recognized | $ 9 | $ 9 | |||||
Compensation cost related to nonvested awards not yet recognized, expected recognition period (years) | 2 years 4 months 24 days | ||||||
Loews Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Stock-based compensation expense | $ 6 | $ 6 | $ 7 | ||||
Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Health care cost trend rate | 4.00% | 4.00% | 4.00% | ||||
Defined benefit plan obligation, discount rate | 3.90% | 3.10% | 3.90% | ||||
Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Health care cost trend rate | 5.00% | 5.00% | 5.00% | ||||
Defined benefit plan obligation, discount rate | 4.00% | 3.60% | 4.00% | ||||
Pension Benefits [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan obligation, discount rate | 4.00% | 3.70% | 4.00% | 3.70% | 4.40% | ||
Settlement payment | $ 12 | $ 268 | |||||
Expected contribution to plan(s), next fiscal year | 14 | ||||||
Fair value of plan assets | $ 2,500 | $ 2,713 | 2,500 | 2,713 | $ 2,914 | ||
Pension Benefits [Member] | Level 2 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | 1,532 | 1,627 | 1,532 | 1,627 | |||
Pension Benefits [Member] | Level 3 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | $ 470 | $ 471 | 470 | $ 471 | |||
Postretirement Healthcare and Life Insurance Benefit Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected contribution to plan(s), next fiscal year | $ 4 | ||||||
Equity Securities [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Target allocation of plan assets invested in equity securities and limited partnerships, Minimum | 40.00% | ||||||
Target allocation of plan assets invested in equity securities and limited partnerships, Maximum | 60.00% | ||||||
Percentage of hedge fund strategies | 57.00% | ||||||
Multi-Strategy Approach [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of hedge fund strategies | 37.00% | ||||||
Distressed Investments [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of hedge fund strategies | 6.00% | ||||||
Fixed Income Mutual Funds [Member] | Level 2 [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Limited partnership investments, redeemable period | 90 days | ||||||
Fixed Income Mutual Funds [Member] | Level 3 [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Limited partnership investments, redeemable period | 90 days | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Awards Outstanding - Number of Shares | 7,350,858 | 7,350,858 | |||||
Other Postretirement Benefits [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan obligation, discount rate | 3.70% | 3.40% | 3.70% | 3.40% | 4.20% | ||
Fair value of plan assets | $ 86 | $ 87 | $ 86 | $ 87 | $ 81 | ||
Other Postretirement Benefits [Member] | Level 2 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | 78 | 81 | 78 | 81 | |||
Other Postretirement Benefits [Member] | Level 3 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | $ 0 | $ 0 | $ 0 | $ 0 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 3.70% | 4.40% |
Expected long term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increase, minimum rate | 3.50% | 3.50% | 3.50% |
Rate of compensation increase, maximum rate | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.70% | 3.40% | 4.20% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 5.30% |
Benefit Plans - Weighted Ave103
Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.80% | 4.40% | 3.90% |
Expected long term rate of return on plan assets | 7.50% | 7.50% | |
Expected long term rate of return on plan assets, minimum rate | 7.50% | ||
Expected long term rate of return on plan assets, maximum rate | 7.80% | ||
Rate of compensation increase, minimum rate | 3.50% | 3.50% | 3.50% |
Rate of compensation increase, maximum rate | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.40% | 4.00% | 3.50% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 5.30% |
Benefit Plans - Assumed Health
Benefit Plans - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 1.00% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 4.00% | 4.00% | 4.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.00% | 4.00% | 4.00% |
Year that the rate reaches the ultimate trend rate | 2,016 | 2,015 | 2,014 |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 7.50% | 8.00% | 8.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,021 | 2,021 | 2,022 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 12 | $ 16 | $ 22 |
Interest cost | 127 | 149 | 136 |
Expected return on plan assets | (193) | (209) | (198) |
Amortization of unrecognized net loss | 42 | 30 | 54 |
Amortization of unrecognized prior service benefit | (1) | (1) | |
Settlement/Curtailment | 3 | 86 | 5 |
Net periodic benefit cost | (10) | 71 | 19 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1 | 1 | 1 |
Interest cost | 3 | 4 | 4 |
Expected return on plan assets | (5) | (4) | (5) |
Amortization of unrecognized net loss | 1 | 1 | 1 |
Amortization of unrecognized prior service benefit | (10) | (18) | (25) |
Settlement/Curtailment | (86) | ||
Net periodic benefit cost | $ (10) | $ (102) | $ (24) |
Benefit Plans - Reconciliation
Benefit Plans - Reconciliation of Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation: | |||
Settlements | $ (253) | ||
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | $ 3,446 | 3,336 | |
Service cost | 12 | 16 | $ 22 |
Interest cost | 127 | 149 | 136 |
Amendments/Curtailments | (55) | (4) | |
Actuarial (gain) loss | (96) | 402 | |
Benefits paid from plan assets | (187) | (178) | |
Settlements | (12) | (268) | |
Foreign exchange | (8) | (7) | |
Benefit obligation, ending balance | 3,227 | 3,446 | 3,336 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 2,713 | 2,914 | |
Actual return on plan assets | (21) | 233 | |
Company contributions | 15 | 19 | |
Benefits paid from plan assets | (187) | (178) | |
Settlements | (12) | (268) | |
Foreign exchange | (8) | (7) | |
Fair value of plan assets, ending balance | 2,500 | 2,713 | 2,914 |
Funded status | (727) | (733) | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Other assets | 11 | 9 | |
Other liabilities | (738) | (742) | |
Net amount recognized | (727) | (733) | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 97 | 101 | |
Service cost | 1 | 1 | 1 |
Interest cost | 3 | 4 | 4 |
Plan participants' contributions | 5 | 6 | |
Amendments/Curtailments | (7) | ||
Actuarial (gain) loss | (11) | 7 | |
Benefits paid from plan assets | (13) | (15) | |
Benefit obligation, ending balance | 82 | 97 | 101 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 87 | 81 | |
Actual return on plan assets | 2 | 9 | |
Company contributions | 5 | 6 | |
Plan participants' contributions | 5 | 6 | |
Benefits paid from plan assets | (13) | (15) | |
Fair value of plan assets, ending balance | 86 | 87 | $ 81 |
Funded status | 4 | (10) | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Other assets | 38 | 32 | |
Other liabilities | (34) | (42) | |
Net amount recognized | $ 4 | $ (10) |
Benefit Plans - Amounts Recogni
Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Not Yet Recognized in Net Periodic (Benefit) Cost (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit | $ (5) | $ (5) |
Net actuarial loss | 1,106 | 1,090 |
Net amount recognized | 1,101 | 1,085 |
Projected benefit obligation | 3,129 | 3,336 |
Accumulated benefit obligation | 3,114 | 3,262 |
Fair value of plan assets | 2,391 | 2,713 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit | (9) | (19) |
Net actuarial loss | 8 | 18 |
Net amount recognized | (1) | (1) |
Accumulated benefit obligation | $ 34 | $ 42 |
Benefit Plans - Estimated Amoun
Benefit Plans - Estimated Amounts to be Recognized from AOCI into Net Periodic Cost (Benefit) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | $ 46 |
Amortization of prior service credit | (1) |
Total estimated amounts to be recognized | 45 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service credit | (3) |
Total estimated amounts to be recognized | $ (3) |
Benefit Plans - Estimated Futur
Benefit Plans - Estimated Future Minimum Benefit Payments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments 2016 | $ 218 |
Expected future benefit payments 2017 | 217 |
Expected future benefit payments 2018 | 216 |
Expected future benefit payments 2019 | 217 |
Expected future benefit payments 2020 | 219 |
Expected future benefit payments 2021 - 2025 | 1,076 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments 2016 | 8 |
Expected future benefit payments 2017 | 8 |
Expected future benefit payments 2018 | 7 |
Expected future benefit payments 2019 | 7 |
Expected future benefit payments 2020 | 7 |
Expected future benefit payments 2021 - 2025 | $ 25 |
Benefit Plans - Pension Plan As
Benefit Plans - Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,500 | $ 2,713 | $ 2,914 |
Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 465 | 478 | |
States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 106 | 80 | |
Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 219 | 216 | |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25 | ||
Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 790 | 799 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 480 | 550 | |
Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58 | 159 | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95 | 99 | |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 892 | 952 | |
Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 133 | 123 | |
Limited Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,025 | 1,075 | |
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52 | 31 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 498 | 615 | |
Level 1 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25 | ||
Level 1 [Member] | Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25 | ||
Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 373 | 432 | |
Level 1 [Member] | Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30 | 58 | |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95 | 99 | |
Level 1 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,532 | 1,627 | |
Level 2 [Member] | Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 455 | 463 | |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 106 | 80 | |
Level 2 [Member] | Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 219 | 216 | |
Level 2 [Member] | Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 780 | 759 | |
Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 107 | 118 | |
Level 2 [Member] | Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28 | 101 | |
Level 2 [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 565 | 619 | |
Level 2 [Member] | Limited Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 565 | 619 | |
Level 2 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52 | 30 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 470 | 471 | |
Level 3 [Member] | Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 15 | |
Level 3 [Member] | Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 15 | |
Level 3 [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 327 | 333 | |
Level 3 [Member] | Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 133 | 123 | |
Level 3 [Member] | Limited Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 460 | $ 456 |
Benefit Plans - Plan Assets Mea
Benefit Plans - Plan Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at January 1 | $ 471 | $ 500 |
Actual Return on Assets Still Held at December 31 | 29 | 40 |
Actual Return on Assets Sold During the Year Ended December 31 | (1) | 1 |
Net Purchases, Sales, and Settlements | (24) | (70) |
Net Transfers In (Out) of Level 3 | (5) | |
Balance at December 31 | 470 | 471 |
Corporate and Other Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at January 1 | 15 | 15 |
Net Transfers In (Out) of Level 3 | (5) | |
Balance at December 31 | 10 | 15 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at January 1 | 8 | |
Net Purchases, Sales, and Settlements | (8) | |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at January 1 | 333 | 352 |
Actual Return on Assets Still Held at December 31 | 19 | 21 |
Net Purchases, Sales, and Settlements | (25) | (40) |
Balance at December 31 | 327 | 333 |
Private Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at January 1 | 123 | 125 |
Actual Return on Assets Still Held at December 31 | 10 | 19 |
Actual Return on Assets Sold During the Year Ended December 31 | (1) | 1 |
Net Purchases, Sales, and Settlements | 1 | (22) |
Balance at December 31 | 133 | 123 |
Limited Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at January 1 | 456 | 477 |
Actual Return on Assets Still Held at December 31 | 29 | 40 |
Actual Return on Assets Sold During the Year Ended December 31 | (1) | 1 |
Net Purchases, Sales, and Settlements | (24) | (62) |
Balance at December 31 | $ 460 | $ 456 |
Benefit Plans - Other Postretir
Benefit Plans - Other Postretirement Benefit Plan Assets Measured at Fair Value on Recurring Basis (Detail) - Other Postretirement Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 86 | $ 87 | $ 81 |
Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 18 | |
States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42 | 43 | |
Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19 | 20 | |
Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 78 | 81 | |
Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 3 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 6 | |
Level 1 [Member] | Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 3 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 78 | 81 | |
Level 2 [Member] | Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 18 | |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42 | 43 | |
Level 2 [Member] | Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19 | 20 | |
Level 2 [Member] | Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 78 | $ 81 |
Benefit Plans - Summary of Stoc
Benefit Plans - Summary of Stock Option and SAR Transactions (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Awards Outstanding, January 1 | 6,908,778 | 6,476,391 | |
Number of Awards, Granted | 924,000 | 924,000 | 910,375 |
Number of Awards, Exercised | (390,856) | (392,519) | |
Number of Awards, Canceled | (80,564) | (85,469) | |
Number of Awards Outstanding, December 31 | 7,361,358 | 7,361,358 | 6,908,778 |
Awards exercisable, December 31 | 5,341,685 | 5,341,685 | 4,924,249 |
Weighted Average Exercise Price Awards outstanding, January 1 | $ 39.905 | $ 38.497 | |
Weighted Average Exercise Price, Granted | 38.715 | 43.839 | |
Weighted Average Exercise Price, Exercised | 28.586 | 24.670 | |
Weighted Average Exercise Price, Canceled | 45.505 | 45.117 | |
Weighted Average Exercise Price Awards outstanding, December 31 | $ 40.295 | 40.295 | 39.905 |
Weighted Average Exercise Price exercisable, December 31 | $ 39.851 | $ 39.851 | $ 38.742 |
Benefit Plans - Summary of S114
Benefit Plans - Summary of Stock Options and SARs Outstanding by Exercise Price Range (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
20.01 - 30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Awards Outstanding, Number of Shares | shares | 377,758 |
Awards Outstanding, Weighted Average Remaining Contractual Life | 3 years 22 days |
Awards Outstanding, Weighted Average Exercise Price | $ 25.472 |
Awards Exercisable, Number of Shares | shares | 377,758 |
Awards Exercisable, Weighted Average Exercise Price | $ 25.472 |
Range of exercise prices, lower range limit | 20.01 |
Range of exercise prices, upper range limit | $ 30 |
30.01 - 40.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Awards Outstanding, Number of Shares | shares | 2,969,582 |
Awards Outstanding, Weighted Average Remaining Contractual Life | 4 years 9 months 26 days |
Awards Outstanding, Weighted Average Exercise Price | $ 37.168 |
Awards Exercisable, Number of Shares | shares | 2,410,992 |
Awards Exercisable, Weighted Average Exercise Price | $ 37.084 |
Range of exercise prices, lower range limit | 30.01 |
Range of exercise prices, upper range limit | $ 40 |
40.01 - 50.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Awards Outstanding, Number of Shares | shares | 3,844,443 |
Awards Outstanding, Weighted Average Remaining Contractual Life | 5 years 10 months 6 days |
Awards Outstanding, Weighted Average Exercise Price | $ 43.691 |
Awards Exercisable, Number of Shares | shares | 2,383,360 |
Awards Exercisable, Weighted Average Exercise Price | $ 44.131 |
Range of exercise prices, lower range limit | 40.01 |
Range of exercise prices, upper range limit | $ 50 |
50.01 - 60.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Awards Outstanding, Number of Shares | shares | 169,575 |
Awards Outstanding, Weighted Average Remaining Contractual Life | 1 year 22 days |
Awards Outstanding, Weighted Average Exercise Price | $ 51.080 |
Awards Exercisable, Number of Shares | shares | 169,575 |
Awards Exercisable, Weighted Average Exercise Price | $ 51.080 |
Range of exercise prices, lower range limit | 50.01 |
Range of exercise prices, upper range limit | $ 60 |
Benefit Plans - Assumptions Use
Benefit Plans - Assumptions Used in Estimating Fair Value of Granted Options and SARs and Results (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected dividend yield | 0.70% | 0.60% | 0.60% |
Expected volatility | 19.10% | 16.90% | 16.30% |
Weighted average risk-free interest rate | 1.50% | 1.70% | 1.10% |
Expected holding period (in years) | 5 years | 5 years | 5 years |
Weighted average fair value of awards | $ 6.94 | $ 7.41 | $ 6.75 |
Reinsurance - Summary of Amount
Reinsurance - Summary of Amounts Receivable from Reinsurers (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reinsurance receivables related to insurance reserves: | ||||
Ceded claim and claim adjustment expenses | $ 4,087 | $ 4,344 | $ 4,972 | $ 5,126 |
Ceded future policy benefits | 207 | 185 | ||
Reinsurance receivables related to paid losses | 197 | 213 | ||
Reinsurance receivables | 4,491 | 4,742 | ||
Less allowance for doubtful accounts | 38 | 48 | ||
Reinsurance receivables, net of allowance for doubtful accounts | $ 4,453 | $ 4,694 |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effects of Reinsurance [Line Items] | |||
Reinsurance collateral | $ 3,200 | $ 3,400 | |
Reinsurance recoveries | 2,600 | 1,400 | $ 1,500 |
Berkshire Hathaway Group [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 2,400 | ||
Gateway Rivers Insurance Company [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 284 | ||
Subsidiaries from Hartford Insurance Group [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 207 | ||
Significant Captive Program [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct and ceded earned premiums | $ 3,300 | 2,600 | 2,200 |
Percentage reinsured of direct and ceded earned premiums | 100.00% | ||
Reinsurance recoveries | $ 2,300 | $ 1,500 | $ 712 |
Reinsurance - Summary of Effect
Reinsurance - Summary of Effects of Reinsurance on Earned Premiums (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 10,351 | $ 9,960 | $ 9,574 |
Earned premiums, Assumed | 324 | 325 | 306 |
Earned premiums, Ceded | 3,754 | 3,073 | 2,609 |
Earned premiums, Net | $ 6,921 | $ 7,212 | $ 7,271 |
Percentage of amount assumed to net | 4.70% | 4.50% | 4.20% |
Property and Casualty [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 9,853 | $ 9,452 | $ 9,063 |
Earned premiums, Assumed | 274 | 277 | 258 |
Earned premiums, Ceded | 3,754 | 3,073 | 2,609 |
Earned premiums, Net | $ 6,373 | $ 6,656 | $ 6,712 |
Percentage of amount assumed to net | 4.30% | 4.20% | 3.80% |
Accident and Health [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 498 | $ 508 | $ 511 |
Earned premiums, Assumed | 50 | 48 | 48 |
Earned premiums, Net | $ 548 | $ 556 | $ 559 |
Percentage of amount assumed to net | 9.10% | 8.60% | 8.60% |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenues | $ 3,333 | $ 3,169 | $ 3,435 | $ 3,478 | $ 3,521 | $ 3,523 | $ 3,593 | $ 3,688 | $ 13,415 | $ 14,325 | $ 14,613 |
Income from continuing operations | $ 215 | $ 179 | $ 303 | $ 265 | $ 260 | $ 962 | $ 1,149 | ||||
Income from continuing operations, Per share-basic | $ 0.58 | $ 0.47 | $ 0.79 | $ 0.68 | $ 0.72 | $ 2.52 | $ 2.96 | ||||
Income from continuing operations, Per share-diluted | $ 0.57 | $ 0.47 | $ 0.79 | $ 0.68 | $ 0.72 | $ 2.52 | $ 2.95 | ||||
Discontinued operations, net | $ (7) | $ 29 | $ (187) | $ (206) | $ (371) | $ (554) | |||||
Discontinued operations, net, Per share-basic and diluted | $ (0.02) | $ 0.08 | $ (0.49) | $ (0.53) | |||||||
Net income | $ (201) | $ 182 | $ 170 | $ 109 | $ 208 | $ 208 | $ 116 | $ 59 | $ 260 | $ 591 | $ 595 |
Per share-basic | $ 0.56 | $ 0.55 | $ 0.30 | $ 0.15 | $ 0.72 | $ 1.55 | $ 1.53 | ||||
Per share-basic and diluted | $ (0.58) | $ 0.50 | $ 0.46 | $ 0.29 | |||||||
Per share-diluted | $ 0.55 | $ 0.55 | $ 0.30 | $ 0.15 | $ 0.72 | $ 1.55 | $ 1.53 |
Quarterly Financial Data - S120
Quarterly Financial Data - Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Line Items] | ||||
Asset impairment charge | $ 865 | $ 228 | $ 325 | |
CNA Financial [Member] | ||||
Quarterly Financial Data [Line Items] | ||||
Charge related to recognition of premium deficiency and small deficiency in claim reserves | $ 177 | |||
Diamond Offshore Drilling, Inc. [Member] | ||||
Quarterly Financial Data [Line Items] | ||||
Asset impairment charge | $ 182 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 29, 2016 | Dec. 31, 2015 | |
CNA Financial [Member] | ||
Commitments [Line Items] | ||
Aggregate amount related to indemnification agreements | $ 260 | |
Aggregate amount related to quantifiable guarantees | 375 | |
Potential amount of future payments under guarantees | 2,000 | |
Diamond Offshore Drilling, Inc. [Member] | Subsequent Event [Member] | Ge Oil And Gas [Member] | ||
Commitments [Line Items] | ||
Service agreement term | 10 years | |
Diamond Offshore aggregate sale of equipment to GE affiliate | $ 210 | |
Aggregate amount of future commitments under the services agreement and leases | $ 650 | |
Harsh Environment Semisubmersible Drilling Rig [Member] | Diamond Offshore Drilling, Inc. [Member] | ||
Commitments [Line Items] | ||
Total cost of the project | 764 | |
Remaining contractual payment is due upon delivery of rig | $ 440 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses: | ||||||
Loss on sale, net of tax benefit | $ 3 | |||||
Income (loss) from discontinued operations | $ (7) | $ 29 | $ (187) | $ (206) | (371) | $ (554) |
HighMount [Member] | ||||||
Revenues: | ||||||
Other revenue, primarily operating | 150 | 259 | ||||
Total | 150 | 259 | ||||
Expenses: | ||||||
Impairment of goodwill | 584 | |||||
Impairment of natural gas and oil properties | 29 | 291 | ||||
Operating | 173 | 252 | ||||
Interest | 8 | 17 | ||||
Total | 210 | 1,144 | ||||
Income (loss) before income tax | (60) | (885) | ||||
Income tax (expense) benefit | 4 | 311 | ||||
Results of discontinued operations, net of income tax | (56) | (574) | ||||
Impairment loss, net of tax benefit | (138) | |||||
Income (loss) from discontinued operations | (194) | (574) | ||||
CAC [Member] | ||||||
Revenues: | ||||||
Net investment income | 94 | 168 | ||||
Investment gains | 3 | 11 | ||||
Other revenues | 2 | |||||
Total | 97 | 181 | ||||
Expenses: | ||||||
Insurance claims and policyholders' benefits | 75 | 141 | ||||
Other operating expenses | 2 | 3 | ||||
Operating | 77 | 144 | ||||
Income (loss) before income tax | 20 | 37 | ||||
Income tax (expense) benefit | (6) | (15) | ||||
Results of discontinued operations, net of income tax | 14 | 22 | ||||
Loss on sale, net of tax benefit | (211) | |||||
Amounts attributable to noncontrolling interests | 20 | (2) | ||||
Income (loss) from discontinued operations | $ (177) | $ 20 |
Discontinued Operations - Sc123
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
HighMount [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Income tax benefit on impairment loss | $ 62 |
CAC [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Loss on sale, tax benefit | $ 40 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - HighMount [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment of natural gas and oil properties | $ 29 | $ 291 |
Impairment of natural gas and oil properties after tax | 19 | 186 |
Effects of cash flow hedges not considered in calculating ceiling limitation, impairments | 29 | 301 |
Effects of cash flow hedges not considered in calculating ceiling limitation after tax, impairments | $ 18 | 192 |
Impairment of goodwill before tax | 584 | |
Impairment of goodwill after tax | $ 382 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015RigsHotelStatesCountrySegmentmi | |
Segment Reporting Information [Line Items] | |
Number of offshore drilling rigs | Rigs | 32 |
Number of rig under construction | Rigs | 1 |
Number of countries where drilling rigs are located | Country | 7 |
Miles of natural gas and NGL pipeline | mi | 14,525 |
Number of states having natural gas storage facilities | States | 4 |
Total number of hotels owned and/or operated | 24 |
CNA Financial [Member] | |
Segment Reporting Information [Line Items] | |
Number of CNA segments | Segment | 4 |
United States [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | 23 |
Canada [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | 1 |
Business Segments - Consolidate
Business Segments - Consolidated Revenues and Income (Loss) by Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 3,333 | $ 3,169 | $ 3,435 | $ 3,478 | $ 3,521 | $ 3,523 | $ 3,593 | $ 3,688 | $ 13,415 | $ 14,325 | $ 14,613 |
Income (loss) before income tax and noncontrolling interests | 244 | 1,810 | 2,277 | ||||||||
Income from continuing operations | 215 | 179 | 303 | 265 | 260 | 962 | 1,149 | ||||
Discontinued operations, net | (7) | 29 | (187) | (206) | (371) | (554) | |||||
Net income (loss) | $ (201) | $ 182 | $ 170 | $ 109 | $ 208 | $ 208 | $ 116 | $ 59 | 260 | 591 | 595 |
Income Taxes | (43) | 457 | 656 | ||||||||
Interest Expense | 520 | 498 | 425 | ||||||||
CNA Financial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 9,101 | 9,692 | 9,932 | ||||||||
Income (loss) before income tax and noncontrolling interests | 553 | 1,215 | 1,283 | ||||||||
Net income (loss) | 433 | 802 | 827 | ||||||||
Investment gains (losses) included in Revenues and Income (loss) before income tax and noncontrolling interests | (71) | 54 | 16 | ||||||||
Investment gains (losses) included in net income (loss) | (34) | 32 | 10 | ||||||||
Income Taxes | 71 | 322 | 363 | ||||||||
Interest Expense | 155 | 183 | 166 | ||||||||
CNA Financial [Member] | Other Non-Core [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,295 | 1,328 | 1,291 | ||||||||
Income (loss) before income tax and noncontrolling interests | (830) | (331) | (501) | ||||||||
Net income (loss) | (387) | (123) | (230) | ||||||||
Investment gains (losses) included in Revenues and Income (loss) before income tax and noncontrolling interests | 8 | 24 | 31 | ||||||||
Investment gains (losses) included in net income (loss) | 12 | 15 | 18 | ||||||||
Income Taxes | (397) | (195) | (245) | ||||||||
Interest Expense | 154 | 182 | 165 | ||||||||
CNA Financial [Member] | Property and Casualty [Member] | Specialty [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,579 | 3,708 | 3,676 | ||||||||
Income (loss) before income tax and noncontrolling interests | 810 | 967 | 1,005 | ||||||||
Net income (loss) | 483 | 578 | 598 | ||||||||
Investment gains (losses) included in Revenues and Income (loss) before income tax and noncontrolling interests | (33) | 15 | (5) | ||||||||
Investment gains (losses) included in net income (loss) | (19) | 9 | (2) | ||||||||
Income Taxes | 271 | 324 | 340 | ||||||||
CNA Financial [Member] | Property and Casualty [Member] | Commercial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,371 | 3,683 | 3,984 | ||||||||
Income (loss) before income tax and noncontrolling interests | 514 | 477 | 662 | ||||||||
Net income (loss) | 303 | 285 | 394 | ||||||||
Investment gains (losses) included in Revenues and Income (loss) before income tax and noncontrolling interests | (47) | 16 | (15) | ||||||||
Investment gains (losses) included in net income (loss) | (28) | 9 | (9) | ||||||||
Income Taxes | 175 | 159 | 223 | ||||||||
CNA Financial [Member] | Property and Casualty [Member] | International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 856 | 973 | 981 | ||||||||
Income (loss) before income tax and noncontrolling interests | 59 | 102 | 117 | ||||||||
Net income (loss) | 34 | 62 | 65 | ||||||||
Investment gains (losses) included in Revenues and Income (loss) before income tax and noncontrolling interests | 1 | (1) | 5 | ||||||||
Investment gains (losses) included in net income (loss) | 1 | (1) | 3 | ||||||||
Income Taxes | 22 | 34 | 45 | ||||||||
Interest Expense | 1 | 1 | 1 | ||||||||
Diamond Offshore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,428 | 2,825 | 2,926 | ||||||||
Income (loss) before income tax and noncontrolling interests | (402) | 514 | 774 | ||||||||
Net income (loss) | (156) | 183 | 257 | ||||||||
Income Taxes | (117) | 142 | 245 | ||||||||
Interest Expense | 94 | 62 | 25 | ||||||||
Boardwalk Pipeline [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,254 | 1,236 | 1,232 | ||||||||
Income (loss) before income tax and noncontrolling interests | 227 | 140 | 241 | ||||||||
Net income (loss) | 74 | 18 | 78 | ||||||||
Income Taxes | 46 | 11 | 56 | ||||||||
Interest Expense | 176 | 165 | 163 | ||||||||
Loews Hotels [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 604 | 475 | 380 | ||||||||
Income (loss) before income tax and noncontrolling interests | 28 | 21 | (4) | ||||||||
Net income (loss) | 12 | 11 | (3) | ||||||||
Income Taxes | 16 | 10 | (1) | ||||||||
Interest Expense | 21 | 14 | 9 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 28 | 97 | 143 | ||||||||
Income (loss) before income tax and noncontrolling interests | (162) | (80) | (17) | ||||||||
Net income (loss) | (103) | (52) | (10) | ||||||||
Income Taxes | (59) | (28) | (7) | ||||||||
Interest Expense | $ 74 | $ 74 | $ 62 |
Consolidating Financial Info127
Consolidating Financial Information - Consolidating Balance Sheet Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||
Investments | $ 49,400 | $ 52,032 | ||
Cash | 440 | 364 | $ 294 | $ 228 |
Receivables | 8,041 | 7,770 | ||
Property, plant and equipment | 15,477 | 15,611 | ||
Deferred income taxes | 1,519 | 1,624 | ||
Goodwill | 351 | 374 | 357 | |
Other assets | 1,722 | 1,616 | ||
Deferred acquisition costs of insurance subsidiaries | 598 | 600 | ||
Total assets | 76,029 | 78,367 | ||
Liabilities and Equity: | ||||
Insurance reserves | 36,486 | 36,380 | ||
Payable to brokers | 567 | 673 | ||
Short term debt | 1,040 | 335 | ||
Long term debt | 9,543 | 10,333 | ||
Deferred income taxes | 382 | 893 | ||
Other liabilities | 5,201 | 5,103 | ||
Total liabilities | 53,219 | 53,717 | ||
Total shareholders' equity | 17,561 | 19,280 | ||
Noncontrolling interests | 5,249 | 5,370 | ||
Total equity | 22,810 | 24,650 | $ 24,906 | $ 24,676 |
Total liabilities and equity | 76,029 | 78,367 | ||
Eliminations [Member] | ||||
Assets: | ||||
Receivables | 24 | (56) | ||
Deferred income taxes | (733) | (598) | ||
Investments in capital stocks of subsidiaries | (15,129) | (15,974) | ||
Other assets | 19 | 14 | ||
Total assets | (15,819) | (16,614) | ||
Liabilities and Equity: | ||||
Deferred income taxes | (712) | (400) | ||
Other liabilities | 22 | (240) | ||
Total liabilities | (690) | (640) | ||
Total shareholders' equity | (15,129) | (15,974) | ||
Total equity | (15,129) | (15,974) | ||
Total liabilities and equity | (15,819) | (16,614) | ||
CNA Financial [Member] | Operating Segments [Member] | ||||
Assets: | ||||
Investments | 44,699 | 46,262 | ||
Cash | 387 | 190 | ||
Receivables | 7,384 | 7,097 | ||
Property, plant and equipment | 333 | 280 | ||
Deferred income taxes | 662 | 222 | ||
Goodwill | 114 | 117 | ||
Other assets | 850 | 778 | ||
Deferred acquisition costs of insurance subsidiaries | 598 | 600 | ||
Total assets | 55,027 | 55,546 | ||
Liabilities and Equity: | ||||
Insurance reserves | 36,486 | 36,380 | ||
Payable to brokers | 358 | 117 | ||
Short term debt | 351 | |||
Long term debt | 2,215 | 2,561 | ||
Deferred income taxes | 5 | 11 | ||
Other liabilities | 3,883 | 3,713 | ||
Total liabilities | 43,298 | 42,782 | ||
Total shareholders' equity | 10,516 | 11,457 | ||
Noncontrolling interests | 1,213 | 1,307 | ||
Total equity | 11,729 | 12,764 | ||
Total liabilities and equity | 55,027 | 55,546 | ||
Diamond Offshore [Member] | Operating Segments [Member] | ||||
Assets: | ||||
Investments | 117 | 234 | ||
Cash | 13 | 16 | ||
Receivables | 409 | 490 | ||
Property, plant and equipment | 6,382 | 6,949 | ||
Goodwill | 20 | |||
Other assets | 235 | 307 | ||
Total assets | 7,156 | 8,016 | ||
Liabilities and Equity: | ||||
Payable to brokers | 5 | |||
Short term debt | 287 | 250 | ||
Long term debt | 1,982 | 1,981 | ||
Deferred income taxes | 276 | 514 | ||
Other liabilities | 496 | 792 | ||
Total liabilities | 3,041 | 3,542 | ||
Total shareholders' equity | 2,195 | 2,359 | ||
Noncontrolling interests | 1,920 | 2,115 | ||
Total equity | 4,115 | 4,474 | ||
Total liabilities and equity | 7,156 | 8,016 | ||
Boardwalk Pipeline [Member] | Operating Segments [Member] | ||||
Assets: | ||||
Cash | 4 | 8 | ||
Receivables | 93 | 128 | ||
Property, plant and equipment | 7,712 | 7,649 | ||
Goodwill | 237 | 237 | ||
Other assets | 330 | 304 | ||
Total assets | 8,376 | 8,326 | ||
Liabilities and Equity: | ||||
Long term debt | 3,469 | 3,690 | ||
Deferred income taxes | 766 | 732 | ||
Other liabilities | 510 | 400 | ||
Total liabilities | 4,745 | 4,822 | ||
Total shareholders' equity | 1,517 | 1,558 | ||
Noncontrolling interests | 2,114 | 1,946 | ||
Total equity | 3,631 | 3,504 | ||
Total liabilities and equity | 8,376 | 8,326 | ||
Loews Hotels [Member] | Operating Segments [Member] | ||||
Assets: | ||||
Investments | 81 | 75 | ||
Cash | 12 | 9 | ||
Receivables | 35 | 29 | ||
Property, plant and equipment | 1,003 | 671 | ||
Deferred income taxes | 3 | 2 | ||
Other assets | 288 | 206 | ||
Total assets | 1,422 | 992 | ||
Liabilities and Equity: | ||||
Short term debt | 2 | 85 | ||
Long term debt | 596 | 421 | ||
Deferred income taxes | 47 | 36 | ||
Other liabilities | 70 | 17 | ||
Total liabilities | 715 | 559 | ||
Total shareholders' equity | 705 | 431 | ||
Noncontrolling interests | 2 | 2 | ||
Total equity | 707 | 433 | ||
Total liabilities and equity | 1,422 | 992 | ||
Corporate and Other [Member] | ||||
Assets: | ||||
Investments | 4,503 | 5,461 | ||
Cash | 24 | 141 | ||
Receivables | 96 | 82 | ||
Property, plant and equipment | 47 | 62 | ||
Deferred income taxes | 68 | 374 | ||
Investments in capital stocks of subsidiaries | 15,129 | 15,974 | ||
Other assets | 7 | |||
Total assets | 19,867 | 22,101 | ||
Liabilities and Equity: | ||||
Payable to brokers | 209 | 551 | ||
Short term debt | 400 | |||
Long term debt | 1,281 | 1,680 | ||
Other liabilities | 220 | 421 | ||
Total liabilities | 2,110 | 2,652 | ||
Total shareholders' equity | 17,757 | 19,449 | ||
Total equity | 17,757 | 19,449 | ||
Total liabilities and equity | $ 19,867 | $ 22,101 |
Consolidating Financial Info128
Consolidating Financial Information - Consolidating Statement of Income Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Insurance premiums | $ 6,921 | $ 7,212 | $ 7,271 |
Net investment income | 1,866 | 2,163 | 2,425 |
Investment gains (losses) | (71) | 54 | 16 |
Contract drilling revenues | 2,360 | 2,737 | 2,844 |
Other revenues | 2,339 | 2,159 | 2,057 |
Total | 13,415 | 14,325 | 14,613 |
Expenses: | |||
Insurance claims and policyholders' benefits | 5,384 | 5,591 | 5,806 |
Amortization of deferred acquisition costs | 1,540 | 1,317 | 1,362 |
Contract drilling expenses | 1,228 | 1,524 | 1,573 |
Other operating expenses | 4,499 | 3,585 | 3,170 |
Interest | 520 | 498 | 425 |
Total | 13,171 | 12,515 | 12,336 |
Income (loss) before income tax | 244 | 1,810 | 2,277 |
Income tax (expense) benefit | 43 | (457) | (656) |
Income from continuing operations | 287 | 1,353 | 1,621 |
Discontinued operations, net | (391) | (552) | |
Net income | 287 | 962 | 1,069 |
Amounts attributable to noncontrolling interests | (27) | (371) | (474) |
Net income (loss) attributable to Loews Corporation | 260 | 591 | 595 |
Eliminations [Member] | |||
Revenues: | |||
Intercompany interest and dividends | (816) | (782) | (736) |
Total | (816) | (782) | (736) |
Expenses: | |||
Income (loss) before income tax | (816) | (782) | (736) |
Income from continuing operations | (782) | (736) | |
Net income | (816) | (782) | (736) |
Net income (loss) attributable to Loews Corporation | (816) | (782) | (736) |
CNA Financial [Member] | |||
Expenses: | |||
Interest | 155 | 183 | 166 |
Income (loss) before income tax | 553 | 1,215 | 1,283 |
Income tax (expense) benefit | (71) | (322) | (363) |
CNA Financial [Member] | Operating Segments [Member] | |||
Revenues: | |||
Insurance premiums | 6,921 | 7,212 | 7,271 |
Net investment income | 1,840 | 2,067 | 2,282 |
Investment gains (losses) | (71) | 54 | 16 |
Other revenues | 411 | 359 | 363 |
Total | 9,101 | 9,692 | 9,932 |
Expenses: | |||
Insurance claims and policyholders' benefits | 5,384 | 5,591 | 5,806 |
Amortization of deferred acquisition costs | 1,540 | 1,317 | 1,362 |
Other operating expenses | 1,469 | 1,386 | 1,315 |
Interest | 155 | 183 | 166 |
Total | 8,548 | 8,477 | 8,649 |
Income (loss) before income tax | 553 | 1,215 | 1,283 |
Income tax (expense) benefit | (71) | (322) | (363) |
Income from continuing operations | 893 | 920 | |
Discontinued operations, net | (197) | 22 | |
Net income | 482 | 696 | 942 |
Amounts attributable to noncontrolling interests | (49) | (71) | (95) |
Net income (loss) attributable to Loews Corporation | 433 | 625 | 847 |
Diamond Offshore [Member] | |||
Expenses: | |||
Interest | 94 | 62 | 25 |
Income (loss) before income tax | (402) | 514 | 774 |
Income tax (expense) benefit | 117 | (142) | (245) |
Diamond Offshore [Member] | Operating Segments [Member] | |||
Revenues: | |||
Net investment income | 3 | 1 | 1 |
Contract drilling revenues | 2,360 | 2,737 | 2,844 |
Other revenues | 65 | 87 | 81 |
Total | 2,428 | 2,825 | 2,926 |
Expenses: | |||
Contract drilling expenses | 1,228 | 1,524 | 1,573 |
Other operating expenses | 1,508 | 725 | 554 |
Interest | 94 | 62 | 25 |
Total | 2,830 | 2,311 | 2,152 |
Income (loss) before income tax | (402) | 514 | 774 |
Income tax (expense) benefit | 117 | (142) | (245) |
Income from continuing operations | 372 | 529 | |
Net income | (285) | 372 | 529 |
Amounts attributable to noncontrolling interests | 129 | (189) | (272) |
Net income (loss) attributable to Loews Corporation | (156) | 183 | 257 |
Boardwalk Pipeline [Member] | |||
Expenses: | |||
Interest | 176 | 165 | 163 |
Income (loss) before income tax | 227 | 140 | 241 |
Income tax (expense) benefit | (46) | (11) | (56) |
Boardwalk Pipeline [Member] | Operating Segments [Member] | |||
Revenues: | |||
Net investment income | 1 | 1 | 1 |
Other revenues | 1,253 | 1,235 | 1,231 |
Total | 1,254 | 1,236 | 1,232 |
Expenses: | |||
Other operating expenses | 851 | 931 | 828 |
Interest | 176 | 165 | 163 |
Total | 1,027 | 1,096 | 991 |
Income (loss) before income tax | 227 | 140 | 241 |
Income tax (expense) benefit | (46) | (11) | (56) |
Income from continuing operations | 129 | 185 | |
Net income | 181 | 129 | 185 |
Amounts attributable to noncontrolling interests | (107) | (111) | (107) |
Net income (loss) attributable to Loews Corporation | 74 | 18 | 78 |
Loews Hotels [Member] | |||
Expenses: | |||
Interest | 21 | 14 | 9 |
Income (loss) before income tax | 28 | 21 | (4) |
Income tax (expense) benefit | (16) | (10) | 1 |
Loews Hotels [Member] | Operating Segments [Member] | |||
Revenues: | |||
Other revenues | 604 | 475 | 380 |
Total | 604 | 475 | 380 |
Expenses: | |||
Other operating expenses | 555 | 440 | 375 |
Interest | 21 | 14 | 9 |
Total | 576 | 454 | 384 |
Income (loss) before income tax | 28 | 21 | (4) |
Income tax (expense) benefit | (16) | (10) | 1 |
Income from continuing operations | 11 | (3) | |
Net income | 12 | 11 | (3) |
Net income (loss) attributable to Loews Corporation | 12 | 11 | (3) |
Corporate and Other [Member] | |||
Revenues: | |||
Net investment income | 22 | 94 | 141 |
Intercompany interest and dividends | 816 | 782 | 736 |
Other revenues | 6 | 3 | 2 |
Total | 844 | 879 | 879 |
Expenses: | |||
Other operating expenses | 116 | 103 | 98 |
Interest | 74 | 74 | 62 |
Total | 190 | 177 | 160 |
Income (loss) before income tax | 654 | 702 | 719 |
Income tax (expense) benefit | 59 | 28 | 7 |
Income from continuing operations | 730 | 726 | |
Discontinued operations, net | (194) | (574) | |
Net income | 713 | 536 | 152 |
Net income (loss) attributable to Loews Corporation | $ 713 | $ 536 | $ 152 |
Schedule I - Condensed Finan129
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Other assets | $ 1,722 | $ 1,616 |
Total assets | 76,029 | 78,367 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Total liabilities | 53,219 | 53,717 |
Shareholders' equity | 17,561 | 19,280 |
Total liabilities and equity | 76,029 | 78,367 |
Loews Corporation [Member] | ||
ASSETS | ||
Current assets, principally investment in short term instruments | 2,888 | 3,959 |
Investments in securities | 1,487 | 1,439 |
Investments in capital stocks of subsidiaries, at equity | 15,129 | 15,974 |
Other assets | 99 | 585 |
Total assets | 19,603 | 21,957 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current liabilities | 260 | 618 |
Short term debt | 400 | |
Long term debt | 1,281 | 1,680 |
Deferred income tax and other | 101 | 379 |
Total liabilities | 2,042 | 2,677 |
Shareholders' equity | 17,561 | 19,280 |
Total liabilities and equity | $ 19,603 | $ 21,957 |
Schedule I - Condensed Finan130
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
Equity in income of subsidiaries | $ 43 | $ (62) | $ 12 | ||||||||
Total | $ 3,333 | $ 3,169 | $ 3,435 | $ 3,478 | $ 3,521 | $ 3,523 | $ 3,593 | $ 3,688 | 13,415 | 14,325 | 14,613 |
Expenses: | |||||||||||
Interest | 520 | 498 | 425 | ||||||||
Total | 13,171 | 12,515 | 12,336 | ||||||||
Income before income tax | 244 | 1,810 | 2,277 | ||||||||
Income tax benefit | 43 | (457) | (656) | ||||||||
Income from continuing operations | 287 | 1,353 | 1,621 | ||||||||
Discontinued operations, net | (391) | (552) | |||||||||
Net income | 287 | 962 | 1,069 | ||||||||
Total comprehensive income (loss) attributable to Loews Corporation | (378) | 532 | 254 | ||||||||
Loews Corporation [Member] | |||||||||||
Revenues: | |||||||||||
Equity in income of subsidiaries | 302 | 1,034 | 1,218 | ||||||||
Interest and other | 74 | 92 | 83 | ||||||||
Total | 376 | 1,126 | 1,301 | ||||||||
Expenses: | |||||||||||
Administrative | 108 | 97 | 91 | ||||||||
Interest | 74 | 74 | 62 | ||||||||
Total | 182 | 171 | 153 | ||||||||
Income before income tax | 194 | 955 | 1,148 | ||||||||
Income tax benefit | 66 | 7 | 1 | ||||||||
Income from continuing operations | 260 | 962 | 1,149 | ||||||||
Discontinued operations, net | (371) | (554) | |||||||||
Net income | 260 | 591 | 595 | ||||||||
Equity in other comprehensive loss of subsidiaries | (638) | (59) | (341) | ||||||||
Total comprehensive income (loss) attributable to Loews Corporation | $ (378) | $ 532 | $ 254 |
Schedule I - Condensed Finan131
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Income and Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loews Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends paid to the Company by affiliates | $ 816 | $ 782 | $ 736 |
Schedule I - Condensed Finan132
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net income | $ 287 | $ 962 | $ 1,069 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Equity method investees | 182 | 64 | (380) |
Provision for deferred income taxes | (225) | 11 | 6 |
Changes in operating assets and liabilities, net: | |||
Receivables | 120 | 738 | 87 |
Trading securities | 674 | (129) | (901) |
Investing Activities: | |||
Change in investments, primarily short term | 120 | 1,396 | (101) |
Other | (167) | (72) | (257) |
Financing Activities: | |||
Dividends paid | (90) | (95) | (97) |
Issuance of common stock | 7 | 6 | 5 |
Purchases of treasury shares | (1,265) | (622) | (228) |
Issuance of debt | 1,828 | 2,004 | 3,255 |
Other | 4 | 16 | (40) |
Net change in cash | 76 | 70 | 66 |
Cash, beginning of year | 364 | 294 | 228 |
Cash, end of year | 440 | 364 | 294 |
Loews Corporation [Member] | |||
Operating Activities: | |||
Net income | 260 | 591 | 595 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Equity method investees | 488 | 95 | 58 |
Provision for deferred income taxes | 113 | (62) | (376) |
Changes in operating assets and liabilities, net: | |||
Receivables | (6) | (2) | (1) |
Accounts payable and accrued liabilities | 71 | 200 | 511 |
Trading securities | 718 | (269) | (787) |
Other, net | (8) | (23) | (59) |
Net cash flow operating activities | 1,636 | 530 | (59) |
Investing Activities: | |||
Investments in and advances to subsidiaries | (285) | 130 | (669) |
Change in investments, primarily short term | 7 | 111 | |
Other | (4) | (2) | (3) |
Net cash flow investing activities | (289) | 135 | (561) |
Financing Activities: | |||
Dividends paid | (90) | (95) | (97) |
Issuance of common stock | 7 | 6 | 5 |
Purchases of treasury shares | (1,265) | (622) | (228) |
Issuance of debt | 983 | ||
Other | 1 | 2 | 1 |
Net cash flow financing activities | $ (1,347) | (709) | 664 |
Net change in cash | (44) | 44 | |
Cash, beginning of year | $ 44 | ||
Cash, end of year | $ 44 |
Schedule II - Valuation and 133
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 117 | $ 329 | $ 213 |
Charged to Costs and Expenses | 23 | ||
Charged to Other Accounts | 140 | ||
Deductions | 21 | 212 | 47 |
Balance at End of Period | 96 | 117 | 329 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 117 | 329 | 213 |
Charged to Costs and Expenses | 23 | ||
Charged to Other Accounts | 140 | ||
Deductions | 21 | 212 | 47 |
Balance at End of Period | $ 96 | $ 117 | $ 329 |
Schedule V - Supplemental In134
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |||
Deferred acquisition costs | $ 598 | $ 600 | |
Reserves for unpaid claim and claim adjustment expenses | 22,663 | 23,271 | |
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%) | 1,534 | 1,578 | |
Unearned premiums | 3,671 | 3,592 | |
Net written premiums | 6,962 | 7,088 | $ 7,348 |
Net earned premiums | 6,921 | 7,212 | 7,271 |
Net investment income | 1,807 | 2,031 | 2,240 |
Incurred claim and claim adjustment expenses related to current year | 4,934 | 5,043 | 5,113 |
Incurred claim and claim adjustment expenses related to prior years | (255) | (39) | (115) |
Amortization of deferred acquisition costs | 1,540 | 1,317 | 1,362 |
Paid claim and claim adjustment expenses | $ 4,945 | $ 5,297 | $ 5,566 |
Schedule V - Supplemental In135
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Parenthetical) (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | ||
Discount deducted from claim and claim adjustment expense reserves interest rates, Minimum | 3.50% | 3.50% |
Discount deducted from claim and claim adjustment expense reserves interest rates, Maximum | 8.00% | 8.00% |